Back in June, Missouri Senate Bill 564 was passed. This bill covered many aspects for investor owned utilities in the state with regards to regulations, rate increases, and more.
It also included a section that calls for solar rebates to be given out for interconnected arrays starting January 1, 2019 through 2023. If you are interested in getting solar for your business, read on to learn how this rebate could make the process more beneficial.
Missouri Solar Rebate Details
Missouri SB 564 will require electric corporations to make solar rebates available beginning January 1, 2019. The rebate will be for new or expanded solar electric system up to 25kW for residential customers and up to 150 kW for commercial customers.
The details of the rebates are as follows:
- Utility corporations with more than 1 million Missouri customers will not be obligated to pay rebates that exceed $5.6 million per year or $28 million in the total from 2019-2023.
- Utilities with less than 1 million but more than 200,000 customers will not be obligated to pay rebates exceeding $1.6 million per year, or $8 million from 2019-2023.
- Utilities with 200,000 or less customers will not be obligated to pay solar rebates that are above $1.4 million per year, or $7 million in total.
A Stronger Case for Solar
The new solar rebate will be effective until December 31, 2023. If your organization is in Missouri and has been considering installing solar power, it can now take advantage of the solar rebates that can help reduce the cost of the installation significantly. The savings that will come with energy efficiency will be an additional bonus on top of the rebates.
Many businesses have been tapping into alternative, more efficient sources of energy and solar is one of the most popular choices. Making use of renewable energy is a great way to hedge against rising electric costs. Energy savings from renewable energy can reduce operating costs, providing the business with long-term monetary gains.
The Value of Going Green
Aside from the financial incentives of solar, sustainable practices can help a business earn the “green” label. Consumers are increasingly urging businesses to be more environmentally conscious and solar can do just that for a company. Going green not only reduces expenses, but can also serve as a great PR and marketing tool. Having an environmentally responsible image can generate a positive response from consumers.
Government incentives and the decreasing costs of solar equipment, combined with the new solar rebate, can drastically reduce the cost of a solar project and provide an opportunity to make a great business investment. Your business can take advantage of the new solar rebate and plan a solar project that will bring significant financial gains and a positive image.
The Bottom Line
In response to Missouri SB 564 passing, investor owned utilities will be creating valuable incentives that your organization absolutely should take advantage of (while they are available) if you are interested in solar. The financial benefits that come with this rebate program makes it much easier to dive into a solar project, worry less about up front costs, and ensure quicker project payback.
If you have any questions regarding this rebate, contact your local utility or call (866) 218-0380 to speak with an EnergyLink representative for more details.