Financials &

As a homeowner in Missouri, you may have questions about the costs and savings of solar energy. Here we guide you through available incentives, financial options, and solar costs.

Incentives & Financing Make Solar Affordable

With the cost of solar panels and solar energy technology steadily decreasing over the years, going solar has never been more affordable—and that’s on top of immediate energy bill savings and incentives that can significantly reduce your project costs by up to 35%. Though some homeowners prefer to pay cash in full, not everyone can pay upfront for a home energy system. Fortunately, there are several solar financing options available to homeowners such as solar loans. 

Save up to 35% with
Missouri Solar Incentives

Discover incentives to help make solar more affordable for you.

Federal Incentives

30% Federal Tax Credit

In August 2022, the Inflation Reduction Act became law. In it are provisions to support solar growth by increasing and extending this federal tax incentive for 10 years! Receive 30% of the full system cost back as a credit against your total tax liability for the year your system was installed. This tax credit is 30% for systems ‘placed in service’ between January 1, 2022 and December 31, 2032.

The tax credit is non-refundable and requires that you have the tax appetite to be eligible. It can be carried over for 1 year. The home must be owned by the taxpayer but they don’t have to be the resident. For example, this can work if you rent your home or if you have a vacation home. Consult your tax professional to find out how this credit can work best for you.

Utility Incentives

The Ameren Missouri rebate will give back $0.25/watt to the customer. This direct cash rebate is available until December 31, 2023. Maximum array size for a residential system to qualify for the solar rebate is 25 kW (kilowatts).

Please see Ameren Missouri’s “Customer-Owned Solar” Page for more information.

Options for Solar Loans

A solar loan allows you to purchase a home solar system and pay it off over time. The types of solar loans include:

Comparing Your Solar Financing Options

Here are some final notes on the different solar financing options available:

Tax incentives – With a solar loan, unlike with solar leasing, you own the solar panel system outright and you may be able to take advantage of tax incentives.

Maintenance and repairs – With a loan, you own the solar panel system and you will have to pay for maintenance and repairs yourself. 

Long-term savings – When you purchase a solar energy system through a solar loan, the system will eventually be paid off. After that point, you are generating free electricity for your home without having to make monthly payments, giving you greater long-term savings than systems covered by solar leases.

Selling your home – If you want to sell your home, solar leases can be passed onto the home’s next owner.

How Much Does Solar Cost?

Our Project Developers customize pricing for each solar array construction based on three elements:

  • Modules, inverters, batteries, and other system components you may prefer
  • Layout of the array, and whether it is a ground-mounted or roof-mounted system
  • The electrical alterations needed for the home to integrate solar

The good news is the cost of going solar has come down 80% in the last decade, and it is affordable for the average working family.

Projects typically require little money down with financing, or range from $20,000-$60,000 before incentives.

We can estimate your pricing, including incentives and energy bill savings, with some information about your home and electric bill. Reach out for an estimate to get started.

Is My Home Good for Solar?

Our handy two-minute quiz asks a series of questions to help you determine whether your home is a good fit for solar. Everyone’s situation is different, and we appreciate the opportunity to learn about your unique interest in solar!

Go Solar with StraightUp Solar

It’s important to research all available solar financing options and get quotes to compare interest rates and fees. Taking out a solar loan can give you the best savings in the long term and you can take advantage of solar incentives and rebates. What you choose to value the most is, of course, up to you! As always, the solar experts at StraightUp Solar can answer any questions you may have and provide you with all of the information you need to make an educated decision about going solar. Contact us today to get started!

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