Many people are on the lookout for how to save money on utilities while also helping the environment. Solar panels create an opportunity for home and business owners to save money and energy. Too often, the installation costs cause potential solar panel owners to hesitate.
There are rebates, credits, grants, and even loans available to help offset the installation costs. Keep reading to learn more about the incentives and options for Michigan residential and commercial solar use.
Federal Solar Incentives
The US government provides a Solar Investment Tax Credit (ITC) of up to 26% for 2020 and 21% for 2021. Getting through the first year with your new system will be much easier with this incentive. This provides a huge step toward your solar system breaking even and beginning to pay for itself. For example, a system that would have cost $20,000 will get a $5,200 federal tax credit for solar. To qualify, you’ll need to make a direct purchase or use a loan for your system. Make sure to jump on this offer quickly as it will decrease in the years to come.
State Solar Incentives
There are two options we want to highlight for incentives particular to Michigan. They are:
- Michigan Saves: This finance program is one that provides an option for low-interest, fixed-rate loans to homeowners, businesses, and governments looking for renewable energy options. Applicants can get up to $40,000 with flexible repayment options. This helps create manageable payments for what would have been an overwhelming investment.
- Pace For Businesses: This is a financing option for Michigan businesses operated by Lean & Green Michigan. This program sets your repayment plan to connect with your property tax bill. This allows businesses to pay for the purchase and installation over the course of up to 25 years.
To check out all the solar incentive options, click here.
The team at Michigan Solar Solutions is here to bring renewable energy options to residents and businesses in Michigan. Our experience in the industry, in addition to how often we keep up with the evolving political and incentive options, help us bring you the best mix of quality and price.
Give Michigan Solar Solutions a call today at our Southeast Michigan location at (248) 923-3456, our Southwest Michigan at (616) 855-5055, or our Central/Northern Michigan (989) 833-5333 to chat through your options with a solar expert.