Missouri solar incentives: A bright opportunity for energy savings
With a shift towards renewable energy on the rise, Missouri is making waves in the solar sector. A notable number of Missourians are choosing to go solar, driven by a plethora of compelling Missouri solar incentives.
Missouri and solar energy: A match made in heaven
Basking in an average of 200 sunny days per year, Missouri is a prime location for solar panels. Whether in the form of grid-tied systems or off-grid systems, Missourians are increasingly harnessing the power of the sun to fulfill their energy needs. This transition is not only contributing to energy efficiency and environmental sustainability but is also proving to be a financially savvy move.
The dollars and sense of solar: Making solar work for you
One may wonder about the costs associated with installing solar panels. Indeed, the initial costs can be steep. However, several federal and state solar incentives are in place to help manage these expenses and ensure that solar energy is within reach for the average homeowner.
Federal investment tax credit (ITC)
On the federal front, the Federal Investment Tax Credit (ITC) is a substantial boon for prospective solar users. This tax credit offers a deduction of 26% of the cost of installing a solar energy system from federal taxes for systems installed by 20222.
Missouri’s renewable energy standard
On the home front, Missouri’s Renewable Energy Standard plays a pivotal role in promoting solar energy. This legislation requires investor-owned utilities to generate or purchase at least 15% of their electricity from renewable sources by 2021. Such a mandate opens the door for a host of utility-offered solar incentives.
Net metering and solar power purchase agreements (PPAs)
Missouri’s net metering program is another lucrative incentive for solar adopters. It offers solar panel users the opportunity to sell surplus energy back to the grid. Coupled with Solar Power Purchase Agreements (PPAs), which enable homeowners to host a solar energy system without bearing the upfront costs, the potential savings on electricity bills are substantial.
Property assessed clean energy (PACE) financing
The cherry on top of these incentives is Property Assessed Clean Energy (PACE) Financing. This unique financing method ties the cost of the solar system to the property rather than the individual, making it easier to bear the cost over time.
Crunching the numbers: A bright financial future
When considering the total value of these incentives, solar energy presents an enticing prospect for homeowners and businesses in Missouri. Studies have shown that homeowners can expect to save between $10,000 and $30,000 over the 25-year lifespan of their solar energy system.
Additionally, by harnessing solar energy, Missouri residents contribute significantly to reducing greenhouse gas emissions and help meet the state’s sustainability objectives.
In conclusion, Missouri is paving the way to a bright, sustainable future with its robust solar incentives. The sunny prospects for energy savings have never been better, making it the perfect time for Missourians to take the solar plunge.
