Missouri receives a good quantity of sunshine and ranks #18 among the sunniest states in the country, with an average sunlight of 78.97% in a year. This presents an exceptional opportunity to save money by installing a solar energy system on your property.
The monetary incentive of the solar energy system in Show Me State continues to strengthen with the Missouri solar incentives and rebates available to property owners who will invest in going solar.
The State of Missouri has compelling Renewable Portfolio Standards (RPS mandating all utility companies to get 15% of all their energy from renewable sources by 2021 and each year after. Missouri strongly motivates utilities to offer solar incentives to property owners because failing to meet the standards can result in significant penalties and fees.
A state sets a solar carve-out target to ensure that a percentage of renewable energy is derived from solar sources within a designated timeframe. It is incorporated in most RPS since the scheme is leaning toward reducing renewable technologies' costs. The solar carve-out provides solar incentives for the distribution of reduced technologies. RPS, above, is about all renewable sources, but the solar carve-out is a requirement for solar. The solar carve-out in Missouri is relatively modest, with only 0.3% by 2021 and after that.
In Missouri, a substantial net metering law is providential for property owners. Net metering is a policy that empowers solar panel and renewable energy system owners to connect their systems to the public utility grid. Through this policy, customers can offset the costs of the power they consume from the utility by earning credits for the energy they generate. The excess energy is sold to the utility if your system captures more than you need. In return, it will benefit you as utility companies will reimburse you by crediting it to your electric bill.
Missouri offers generous energy rebates of $500 per kilowatt on solar energy systems through the three (3) electric utilities. You can pay the rebate in a lump sum, or your installer can take it off his bill. One advantage of the former method is that the installer handles the paperwork.
Missouri offers a special incentive to property owners who invest in solar energy by exempting them from property taxes. Unlike other home improvements that can increase the value of your home and result in higher property taxes, installing a solar power system will not trigger a reassessment. This means you can enjoy solar energy's benefits without worrying about increased property taxes.
Additionally, Missouri solar incentives, rebates, and exemptions offer another opportunity to save money through the Federal government's solar Investment Tax Credit (ITC). The ITC is worth 26% of the total solar system cost and is deducted from your Federal income tax. However, it's crucial to note that the tax credit only applies to those who buy their system with cash or a loan, not those who lease it. Incentives for leased systems go to the third-party owner, making it a great reason to buy and not lease your solar system!
Investing in a solar energy system in Missouri is rewarding! Begin your journey and utilize all the solar incentives and rebates you can gain in going solar in the Show Me State!
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