North Dakota
With some strong renewable energy policies and incentives, North Dakota is an excellent state for adopting solar power. The state experiences significant sunlight throughout the year, making it a viable option for both residential and commercial solar installations. Embracing solar energy reduces electricity bills and contributes to a cleaner, more sustainable environment. With supportive policies and incentives, there’s never been a better time to go solar in North Dakota. Enjoy cost savings, energy independence, and environmental benefits by switching to solar today. Let Wolf River Electric guide you every step of the way!
Federal Investment Tax Credit – 30%
The Residential Clean Energy Credit equals 30% of the costs of new, qualified clean energy property for your home, installed anytime from 2022 through 2032. For properties placed in service in 2033 and 2034, the credit percentage rate reduces to 26 percent and 22 percent, respectively. If you made energy-saving upgrades to your US home, you may qualify for the credit.
The credit is nonrefundable, so the credit amount you receive can’t exceed the amount you owe in tax. You can carry forward any excess unused credit, though, and apply it to reduce the tax you owe in future years. Don’t include any interest you’ve paid, including loan origination fees.
The credit has no annual or lifetime dollar limit, except for credit limits for fuel cell property. You can claim the annual credit every year that you install eligible property until the credit begins to phase out in 2033.
Credit limits for fuel cell property
There is a $500 limit on fuel cell property for each half kilowatt of capacity. If more than one person lives in the home, the combined credit for all residents can’t exceed $1,667 for each half-kilowatt of fuel cell capacity.
State Incentives*
Some state programs provide rebates to North Dakota residents who install solar systems. The rebates are performance-based, rewarding systems that produce energy efficiently. Additionally, some utilities in North Dakota offer extra rebates for solar installations, further reducing the cost of going solar. Check with your local utility provider for specific programs and eligibility requirements.
Financing Options
Financing options for solar energy in North Dakota are diverse, allowing homeowners and businesses to choose the best fit for their financial situation. From financing to solar loans, green energy loans, home equity loans, and manufacturer financing, there are many ways to make solar energy affordable and accessible. Explore these options and consult a solar installer to determine the best financing strategy for your needs.
*Ask your representative about which incentive you’re eligible to receive. Please consult a tax advisor on your ability to claim these nonrefundable tax credits.
