Solar tax credits have made solar installations more affordable than ever for Montanans. This guide will explore the 2024 Montana solar tax credits and their benefits.
Overview of Montana’s Solar Incentives in 2024
Montana’s solar tax credits have been updated for 2024 to provide more benefits to residents and businesses. The federal solar tax credit offers the biggest saving at 30% credit, but Montanan’s can take advantage of net-metering and other specific credits and exemptions.
Net Metering
The state requires all investor-owned utilities to offer net metering. If your solar power system generates more energy than you need, you will receive a credit on your utility bill.
Renewable Energy Systems Exemption
The Renewable Energy Systems Exemption is a property tax exemption for people in Montana who install solar panels. It exempts homeowners from paying additionl property taxes incurred by increasing the property value from the addition of solar. The exemption is for 10 years.
Alternative Energy Systems Income Tax Credit
The Alternative Energy Systems Income Tax Credit allow Montanan’s to claim up to $500. A couple is allowed to claim a combined $1000 if both paid for a system costing $1000 or more.
Alternative Energy Revolving Loan Program
This program allows homeowners to receive a loan for solar at a fixed 3.5% for up to 10 years. Projects cannot exceed $40,000.
Financial Benefits of Solar Tax Credits
Solar tax credits help reduce the initial installation costs, and the long-term financial benefits include lower energy bills and increased property values.
Environmental Impact
Solar energy supports Montana’s renewable energy goals. By installing solar, neighbors can make a positive impact on the environment and their communities.
Is it Worth It to Go Solar In Montana?
The quick answer is yes! Montanan’s see an average of 5 hours daily sunlight year round. While this might seem low, modern solar panels need four hours of sunlight to run optimally. In addition, with net metering, you’ll receive credits on your electricity bill when you produce more energy than needed. This, along with the Federal IRA incentive and other exemptions available in Montana, would make Montana a great place to go solar!
Montana’s 2024 solar tax credits offer a valuable opportunity for residents and businesses to invest in renewable energy. By taking advantage of these incentives, you can enjoy financial savings, environmental benefits, and contribute to a sustainable future.
