Adding solar panels and switching rate plans can lower your Wisconsin Electric Power Co (We Energies) electric bill
Updated: October 22, 2020There are three ways you can reduce your We Energies bill: changing your habits, switching your rate plan, and adding solar panels.
You've probably heard a lot about reducing energy consumption by doing things like switching to LED lightbulbs and adding insulation to your walls, but these fixes are relatively easy compared to the far more impactful step of making changes to your lifestyle.
The second thing you can do is switch your rate plan. We Energies offers time-of-use billing that can help you save money by shifting your usage of energy-intensive appliances to off-peak hours, and there may be other options for you as well.
Finally, you can reduce or even eliminate your electricity bill by installing solar panels on your home.
On this page:
Solar panel cost calculator
How much can I reduce my Wisconsin Electric Power Co (We Energies) bill by switching to a different rate plan
For some people, the savings from switching rate plans may only be a few dollars per month, but for many it can be $20-$100 per month. That's between $240 and $1,200 that you may now be paying to Wisconsin Electric Power Co (We Energies) each year for no reason.
Finding out what's available to you is as simple as a phone call or email to Wisconsin Electric Power Co (We Energies). Even a small savings can be worth it.
Are solar panels worth it for Wisconsin Electric Power Co (We Energies) customers?
Perhaps. With the Federal 26% solar tax credit, and available sales and property tax exemptions, home solar panels are worthy of your consideration as a Wisconsin Electric Power customer. WE Energy’s net metering rate also ensures you at least get some credit on your power bill for the excess solar electricity your panels produce.
Does Wisconsin Electric Power Co (We Energies) offer full 1 for 1 net metering credits for exported solar power
WE Energies doesn't offer true net metering, which would be credits for excess kWh produced in one month that can be used to reduce the next month's bill by the same number of kWh. Instead, if your solar panels generate more energy than you need in one month, WE Energies will pay you a lower rate for the excess. This rate is currently $0.04245/kWh, while your retail rate is around $0.15/kWh.
This is still a decent deal when it comes to solar savings, but unfortunately we can't call it net metering.
What incentives, tax credits and rebates are available to We Energies customers for installing solar?
The major financial incentive currently available until the end of 2023 is the 30% federal solar tax credit. The way this works is that the full cost of the system needs to be paid to the installer, and this tax credit can then be claimed back as cash when you next do your taxes.
Many states, local governments and utilities also offer incentives for homeowners who go solar. This help can take the form of state tax credits, rebates, tax breaks, SRECs or even performance-based incentives. The best part is that all of these incentives apply in addition to the federal credit.
Here is every incentive you may be eligible for as a We Energies customer:
Table 1: Incentives
| Upfront Incentives | Value* |
|---|---|
| Residential Clean Energy Tax Credit (Federal) | -$8,417 |
|
Renewable Energy Sales Tax Exemption
(State)
State law prevents the addition of sales and use tax on solar equipment. |
Varies |
|
Net Metering
(State)
All utilities are required to offer compensation for net excess generation. The excess generation rates, credit carry over, and capacity limits vary by utility |
Varies |
|
Focus on Energy Solar Electric Rebate
(State)
Residential customers can receive $500 to offset the interconnect and permitting costs of installing a solar electric system. |
-$500 |
|
Renewable Energy Systems Property Tax Exemption
(State)
100% of the assessed value of the solar system is exempt from the homeowner's property taxes. |
Varies |
| TOTAL | -$8,917 |
*Based on 10.63 kW system, average installation cost $28,557
How much does installing solar panels save the average Wisconsin Electric Power Co (We Energies) residential customer?
If you input the details for a We Energies customer with a power bill of $160 per month into the best online solar panels calculator, it tells you that you need a 10.63 kW solar system that will produce 13,118 kWh per year and that this system will return the owner a $39,522 profit after repaying the cost of the system.
The solar savings possible for you as a We Energies customer will depend on the amount of electricity you use and the cost of the solar system you buy. Savings also vary based on the direction of your roof or any shading of your roof that affects output.
Here is a monthly and lifetime solar savings estimate for the same relatively typical We Energies customer with a $160 per month electric bill prior to solar and who installs a 10.63 kW solar system.
How much do residential solar panels cost for We Energies customers?
Showing data for:
Prices based on a 10.1kW system, after 30% federal tax credit
Solar prices near you
Net profit (savings less system cost)
$37,080-$45,319
Payback period
9-10.9 years
Recommended size for the selected utility bill
10.1kW
Solar panel cost calculator
Detailed information about your estimate
Table 2: Estimate details
|
System Size (for 100% usage offset) 10.63 kW |
|
Annual Power Generation 13,118 kWh |
|
Pay-back time (assuming Cash purchase) 10.7 Years |
|
Internal Rate of Return (IRR) on Investment 3.9% |
|
Gross cost $28,557 |
|
Total Upfront Incentives and Rebates -$8,424 |
|
Net Cost of System after rebates and incentives $20,129 |
|
Total Cost of Utility Power Avoided over 25 years $59,651 |
Please note that the investment return figures do not include the possible increase in property value.
What are the environmental impacts of Wisconsin Electric Power Co (We Energies) customers installing solar panels?
While most homeowners decide to install solar panels because of financial savings over time, the environmental impacts of this choice are the primary motive for others. Here is a breakdown of the environmental benefits from a Wisconsin Electric Power Co (We Energies) customer installing a 10.63 kW solar system on their property:
A solar system generating 13,118 kWh per year will save you money AND make the world a nicer place
Saves you
$1,581
on average per year
Reduces CO2 emissions
6.49
tons per year
Equivalent to planting
45 trees
per year
Equivalent to driving
14,365 mi
less per year
CO2 emissions calculation based on the electricity generation and emissions data for your state in 2015 as published by the US Government Energy Information Administration.
What factors affect the price of solar panels for Wisconsin Electric Power Co (We Energies) customers?
The cost of installing solar panels will vary with brands of solar panels and inverters you choose and also the installation company you choose to install them.
It is common to see really good systems, using quality brands of equipment, being sold for around $2.69 per watt or $20,129 for a standard 10.63 kW solar system after the customer claims the 30% federal solar tax credit.