Whether you live in Detroit or out in green Ann Arbor, the Great Lake State has a wealth of sunshine and plenty of solar incentives to offer homeowners. Learn more about the many programs, rebates and incentives in Michigan and find out why so many of your neighbors are putting solar panels on their roofs.
Michigan solar tax credits and incentive programs
The federal Investment Tax Credit
Following the national extension of the solar Investment Tax Credit (ITC) through 2021, it has never been a better time to go solar. This awesome credit cuts the cost of your overall solar installation by 30 percent, making solar PV a more affordable and appealing energy source than fossil fuels. Just remember that in order to qualify for the federal ITC, you need to own your solar system and thus pay with a direct purchase or loan, not with a third party lease or PPA.
Awesome solar incentive programs in Michigan
Net metering in Michigan
When you put solar panels on your roof, you want to make sure you get credit for the power your system generates. Luckily, Michigan has a net metering policy, which means that you receive bill credits for the extra electricity your system produces. When your system doesn’t generate enough power to cover your use, you can draw on those credits instead of buying electricity from your utility. Xcel Energy offers the top utility net metering program in Michigan.
Michigan Saves Home Energy Loan Program
This great MI financing option offers homeowners the chance to upgrade their home’s energy efficiency with loans up to $30,000 and with APR’s offered as low as 4.99% depending on credit score. The loan timeline ranges from 12 months to 10 years with a maximum APR set at 6.99%, making this program a great way to buy your solar system by making easy affordable payments.