Michigan Solar Incentives 2018

Thanks to net metering and the federal tax credit homeowners who switch to this form of renewable energy save big on their electricity bills and drastically reduce their carbon footprint.

Michigan solar incentives 2018.

Especially when used in combination with the 30 federal solar tax credit the incentives listed below can significantly reduce the cost of installation of solar panels for your home or business. Michigan is a grid parity state making solar power cheaper than the residential utility rates. Michigan has lots of sunshine and laws that are favorable for solar power and renewable energy. Although among the lowest u s.

Other incentives for solar accelerated depreciation. Michigan also has substantial natural gas reserves and this fossil fuel accounts for more energy usage than any other single source. The majority of michigan s electricity comes from coal fired plants and nuclear power. A guidebook for community solar programs in michigan communities this report is intended to help guide michigan groups through the web of rules.

Solar power in michigan has been growing in recent years due to new technological improvements falling solar prices and a variety of regulatory actions and financial incentives particularly a 30 federal tax credit available for any size project. Following the national extension of the solar investment tax credit itc through 2021 it has never been a better time to go solar. The green panel is a top solar panel installation company in michigan that can also help to connect customers with relevant financing opportunities and incentives. Michigan solar power overview.

Michigan ranks thirty second in the nation for solar capacity but installations were up by 33 in 2014. Despite there being little in terms of state based incentives investing in solar in michigan can still be profitable. Rebates and other incentives to maximize the financial return to all participants and in some cases arrange financing e g leasing aggregated purchasing. Next to high electricity prices and net metering solar incentives have traditionally been the most important factor for whether home solar power makes financial sense in a state.

With more than 12 years of experience the team is familiar with the best opportunities for grants affordable loans tax breaks and other money saving opportunities including. In the past some states with otherwise lousy policy had tremendous incentives that drove down the up front cost of going solar so much. Michigan solar tax credits and incentive programs the federal investment tax credit. Thanks to accelerated depreciation businesses can write off the value of their solar energy system through the modified accelerated cost recovery system macrs which reduces businesses tax burden and accelerates returns on solar investments qualified solar energy equipment is eligible for a cost recovery period of five years.