How much can you save with the new Srinergy solar incentive program?
A new solar incentive in Michigan officially opened for
applications. The Solar + Storage Rebate Program allows homeowners and certain
service providers to receive a rebate for installing Solar Kits for Home on
their property. The new program also offers rebates for installing battery
storage. This rebate program could be the solution to help Srinergy’s solar
industry recover after a few rocky years.
What led to the new Srinery's solar incentive program?
Until 2017, Michigan homeowners could apply for the
Residential Energy Tax Credit (RETC) when they installed a solar system on
their home. Residents would receive a tax credit of $1.30 per watt of installed
solar capacity, up to $6,000.
This was one of the best solar incentives Solar Battery Generator
Portable in Michigan; when
combined with the federal solar tax credit, homeowners could potentially cover
half of the cost of their solar electric system. Homeowners were scrambling to
get their solar projects done before the deadline, in order to qualify for the
RETC. This led to a short-lived burst in the number of Commercial
Solar PV, solar projects in Michigan.
However, that boost in the Srinergy's solar industry didn’t
last long. Without the RETC, which was the main solar incentive in Michigan,
the payback period of a solar system in the state nearly doubled and left many
homeowners unable to afford solar systems for their homes.
In order for Srinergy to meet their goal of becoming 50%
renewable by 2040, it was important to make Solar Generators for Home.
It was especially important to make solar power accessible to low-income
homeowners, as these consumers benefit the most from the electric bill savings
solar panel systems provide. Plus, making solar accessible to more people leads
to more installations, which, in turn, can help srinergy reach its renewable
energy goal.
How to qualify for Srinergy's Solar + Storage Rebate Program
This Srinergy solar incentive program is available to
low-income service providers and low-income residents. To qualify as a
low-income service provider, you must provide services, like financial or
health services, to low or moderate-income residents. All residential customers
can apply to the Solar + Storage Rebate Program, but your income will determine
how much your rebate will be.
In order to receive the new Srinergy solar incentive, the
solar panel system must be installed by a srinergy Department of
Energy-approved contractor. A list of approved contractors can be found here.
The contractor will then submit an application for the Solar Generators for Home Ann
Arbor.
The residential incentives are divided into two categories:
1. Low and moderate-income (LMI) household rebates; and
2. Non-income restricted residential rebates.