[updated 4.12.2023]
Wind, rain, and sun form for our summertime weather, but this summer will be unique with three forces converging to create the golden hour of solar. Here’s what you need to know about the closing Ameren Missouri incentive, utility rate hikes, and a tax credit that can help Missourians go solar.
1. Ameren Missouri’s solar rebate expires on December 31, 2023.
For the average homeowner, Ameren Missouri’s 25-cent per watt rebate translates into $1,500 to $2,500 in savings from your solar installation costs. This rebate applies to homeowners and businesses in the Ameren Missouri territory. To be eligible for this rebate, the solar PV system must be installed by the end of the year.
This change will generate an additional $316 million from their customers. This third consecutive year of rate increases on homeowners will mean an additional $144 in electricity costs per year on the average home.
Solar homeowners and businesses can subtract 30% of the total cost of the solar project with the Federal Investment Tax Credit. This tax credit is a dollar for dollar reduction on your federal income taxes. For those with small tax liabilities, the tax credit can be carried over the following year*. When combined with the Ameren Missouri rebate, approximately 35% of your solar PV system will be reimbursed by incentives.
These are uncertain economic times, and a solar PV system can control your energy costs for decades. For more ways solar energy protects against rising electricity bills, see “4 Ways Solar Energy Protects Against Rising Electricity Bills”. Now is the time to take advantage of the golden hour before it sunsets.
We are on a mission to help Missourians transition to clean energy before the golden hour sunsets. Missouri homeowners and businesses are prioritized on our installation schedule, and we aim to install your solar PV system within 120 days of contract signature so you can take advantage of maximum savings. Start your solar conversation today with a free, no obligation quote.
*Consult your tax professional for advice on how the Federal Investment Tax Credit applies to your situation. StraightUp Solar is a team of solar design and installation experts, not tax experts.
