Missouri residential solar energy incentives

Home energy efficiency improvements tax deduction:

-The state of Missouri offers residents a tax deduction for all home energy audits and energy improvements made on their homes based on the results of an energy audit.
-This tax deduction allows residents to deduct 100% of the amount from their income taxes.
-Maximum amount allowed for this deduction is $1,000 per tax return. Any remaining amount may be carried over to following tax years up to an accumulative maximum amount of $2,000 per taxpayer.

Super savor loans – Columbia Water & Light:

-These loans are to encourage and help residents of Missouri to make energy efficiency improvements to their homes.
-Super savor loans have a fixed low interest rate and a five year payback period with out any prepayment penalties.
-Loans are given to help with costs associated with solar water heat, solar space heat, furnaces, heat pumps, air conditioning, building insulation, windows and doors.
-Energy efficiency technologies must meet all requirements and standards to be eligible.

Utility rebate programs:

-Many utility rebate programs are available throughout the state of Minnesota provided by municipal cities and utility companies to help encourage home owners to make energy efficiency improvements.
-Details, requirements and rebate amounts for each program will vary.
Net metering:
-Net metering is available to customers who have facilities that generate electricity through solar, wind, methane, biomass, hydropower or geothermal systems.
-The power produced by the renewable energy system is used to offset the kilowatt hours consumed each month. The incentive shows up as a credit on the customer’s monthly bill.
-Customers keep all renewable energy credits connected to the electricity their system generates.
-Systems must have a maximum capacity of 100 kilowatts to be eligible for net metering.

Residential renewable energy tax credit:

-This personal tax credit allows the taxpayer to claim a credit of 30% of expenditures including labor costs and installation of qualified residential solar-electric systems, solar water heating systems or fuel cells. Small wind-energy systems and geothermal heat pumps can also be accredited for.
-Solar-electric systems and solar water heaters have a maximum incentive of $2,000 if placed in service before 2009. There is no maximum incentive for systems placed after 2008.
-The excess amount of the federal tax credit may be carried forward to the next taxable year if it exceeds tax liability.
-This can be carried forward until 2016, but after that, it is unknown if the unused credit will be able to be forwarded.

Residential energy conservation subsidy exclusion:

-This is a personal exemption of 100% of energy conservation subsidies provided by public utilities.
-The value of a purchase or installation of any energy conservation measure by a customer such as solar water heat, solar space heat or photovoltaics will not be included in the customer’s gross income.
-Customers of an electric utility company, who participate in the utility’s energy conservation program, may receive a rate reduction of electricity furnished or a nonrefundable credit against the purchase price of the electricity on each monthly electric bill.

Energy-efficient mortgages:

-This is a federal loan program where homeowners can use EEM (energy-efficient mortgages) to finance renewable energy technologies in a home.