In late 2015 prospective solar customers were given a Christmas present—a hefty tax credit for the installation of solar panels. Thank you, Congress. Regardless of your current interest in converting your energy source, hearing the words “tax credit” should cause your ears to perk up and do a little casual research.
The federal solar tax credit currently allows homeowners to deduct 30 percent of the cost of installing a solar energy system from federal taxes. In efforts to expand the solar industry and allow it to reach full market value, this credit applies to both commercial and residential systems.
What’s even better? There’s no limit on the returned value. Thanks to this temporary incentive, the average solar shopper saves over $5,000 by converting to solar power.
What Does it Take?
How can a homeowner take advantage of this? By meeting the following requirements:
Many third-party companies offer leasing options to homeowners, so a handful of people don’t actually own their system. In this case, the leasing company gets to claim the credit. By contrast, installing a new system means a 30% reduction in the cost of the system for your wallet.
At National Solar Project, we’re solar people, not tax people. We recognize a great deal when we see one, but to cash in (literally) on the benefits, contact a tax professional.
What Does This Mean For Me?
Let’s be honest. When has anyone ever complained about fewer taxes? If you’ve considered solar before (or even if you haven’t), the time to act is now. In addition to the generous federal deduction, many states also offer rebates and deductions based on the cost of the system. Check out a state-by-state guide to learn if you live in a location with other benefits.
In addition to the great savings attached to the switch, running a home from solar power has numerous benefits:
This tax credit won’t last forever. Set to expire in December 2019, it’d be wise to act quickly. After that, the dollar-by-dollar tax reduction will decrease incrementally until 2022 where it will plateau to a 10% deduction for the cost of a solar system. If you see sun-powered energy in your future, 2018 is logically the best time. Contact the National Solar Project to get connected with the best solar company for you.
Very noble indeed! The search giant Google has partnered with SolarCity and already dumped more than $300 million into a fund to help Americans install solar panels on their homes. SolarCity has already garnered $750 million to help finance homeowners in 15 states. SolarCity says homeowners usually pay less for electricity than those using traditional fossil fuel sources. The other benefit of solar is that is much cleaner than traditional fuels. This is the largest investment to date that Google has made to renewable energy projects.
Sidd Mundra, Renewable Energy Principal at Google, said “It’s good for the environment, good for families and also makes good business sense.”
Google has recently launched “Project SunRoof” which is currently only available in San Francisco, Fresno, and Boston for now. As it spreads accross the nation, it allows users to enter their home address and find out how much they would save by going solar.
Don’t want to wait till Project Sunroof is in your area? Click Here to find out now how much you could be saving on your utility bill!
It’s true that solar becomes more efficient as new technologies are introduced, however, the gains are only moderate. It simply makes sense to move to a cheaper, cleaner, energy source like solar, especially as the price of dirty power continues to rise. Current incentives to go solar won’t be around forever. The longer you wait, the more panels will likely cost in the long run.
Environmental awareness and clean technologies are becoming cooler than ever. Solar panel styles are becoming more low profile and less noticeable than the view you may have in your head of the huge ugly panels from the 60’s. Solar panels in fact now are made in a variety of colors and some even look like shingles. Solar panels for your home are good looking not only in appearance but what they are doing to reduce home-owners power bills.
Solar panels are not just for the super affluent or environmental nuts. Solar panels are increasingly benefitting all homeowners. The simple fact is that they save you money every month by producing power from one of the ultimate free resources…the sun.
Solar panel in fact return up to four times their cost in money saved on electric bills.
With current incentives, solar panels could pay for themselves in under 4 years. Even with no incentives, solar panels averagely pay for themselves in 7 to 15 years. Once panels are paid off, they essentially produce Free electricity!
In most states solar panels are exempt from property taxes. This means that the resale value of your home will go up without you having to pay taxes on the extra value. If you invest in a new deck, you would have to pay for not only the cost of the deck, you would also have to pay taxes each year on the amount it increased the value of your home.
You will want to wash your solar panels once a year or so by squirting them with a hose. In most instances the rain cleans your panels sufficiently. Solar panel systems are pretty stable and monitored to alert you about any issues. If you lease a system, the company you lease it from will service it if you experience any problems.
On the contrary, your electric company may need you more than they think.
Most solar systems are tied to the grid, meaning that when you produce more power than you are using, while your away from home at work for example, your power meter runs backward meaning the utility company is paying you!!
Solar panels do not need full sun to operate. Solar panels can produce huge amounts of energy on overcast or rainy days. Solar panels work great in cooler climates, as long as there is light outside solar panels are generating energy.
The technology is much the same today as is was in the 60’s. The biggest difference even more so than efficiency is the simple cost energy. When you consider we burn coal in many places to boil water to drive a stream engine to produce energy, solar panels is a no brainer. Even after 25 years the average panel operates at 87.5% of the original power output.
9. “The U.S. has plenty of resources at a great rate.”
While its true the US has tons and tons of coal and natural gas that can be used for energy production, it is dirty and volatile. The oil and gas industry is volatile in nature and leaves us vulnerable as a nation. Solar panels are clean and have a long life span. Panels continue to generate energy all year round without you having to do anything.
Don’t go solar if you support damaging the environment.
Don’t go solar if you don’t like saving money!
If, however, you like the environment and like saving money then click here to at least get a free quote!
With the rising cost of electricity and the seemingly monopolistic relationship many have with current providers, it’s now small wonder that cost savings is the top reason homeowners across the country are going solar. Not only can you save major money, and increase your homes value, you also free yourself from being hostage to your utility provider and its rates. Like all major purchases in life we have to figure out where the money is going to come from in order to buy what we want. Solar installations are no different. Some call it a budget, some call it a spending plan, either way, you have options when it comes to putting solar on your home.
If you have the cash (tens of thousands of dollars) to cover the purchase and installation of solar panels, and you aren’t interested in tax incentives, you can simply write the check and forego reading the rest of this article. However, if like the majority of home-owners, given the cost of solar panels for your home, you need some help with the financing. Here is a description of the most popular options.
First, make the lease or buy decision. If you decide to lease, the financing issue is almost non-existent. With leasing, you purchase your electricity from the company who owns the panels attached to your roof.
Not only are leased systems installed at a very nominal price (often at zero cost), most leased systems offer zero maintenance fees. With a lease option the homeowner provides the roof, the utility company installs and maintains the equipment, the utility company takes all the power generated, then sells that power back to the homeowner through a monthly utility bill – albeit generally at a reduced rate.
Leasing provides the doing good for the environment feeling and saves a bit on the utility costs. No (or minimal) up-front costs also means minimal savings. If you are looking for a bigger return on your investment, purchasing a solar system may be what you are looking for.
Today there are tax credits, rebates, and other incentives available to those who choose to join the renewable energy movement and purchase and install solar energy panels. These incentives are available through Federal, State, and local government entities and can lower the cost of a solar energy system by up to 50%. By capitalizing on these incentives rebates, a solar energy system can quickly pay for itself.
Residential tax incentives come in many forms including Federal and State income tax credits or deductions, sales tax rebates, and local property tax credits. These can all be used to reduce the up-front costs of purchasing a solar energy system.
While the tax incentives are nice, the money to purchase the system usually comes out of the consumer’s pocket. To help with that, some solar companies will credit your account for the federal incentive up front – don’t forget to ask your provider about this. And for the rest of the money, consider a home equity loan to pay the remainder of the costs. A home equity loan gives you additional tax benefits over paying on a credit card. If you don’t have sufficient equity in your home, try a home improvement loan or financing through the company you are purchasing the system through. Even though the up-front costs can be a huge chunk of cash, the rewards of cheap electricity can help you see a return on your investment quickly.
Remember that tax laws change often. Always consult your accountant, attorney, or tax advisor for up to date information prior to making a purchasing decision based on possible rebates or tax credits.
Interested in learning how much you can save with solar? Click here to get a free quote and have all your questions answered for free.
Power is awesome! but Power is expensive! Homeowners all over the country are looking for cost savings opportunities. Solar, in times past have been out of reach or not feasible for the majority of residential electric consumers. Old, common misconceptions surrounding solar are beginning to come apart at the seams. Technological advances among other factors has drastically reduced the cost of solar panels to consumers, in fact, many homes are going solar for zero money down.
In this article you will find 3 easy steps to start saving:
Spending less on your utility bill is a no brainer. Honestly, if you could save up to 70 percent or more on your utility bill, you would, right? Who wouldn’t? Depending on where you live and the size of your home this could be several hundred dollars per month. So how can you save like thousands of fellow Americans? First, take a look at a recent utility bill to find out what you are currently paying. Your bill should display what you are paying overall per kWh. Use this number to see how much you are paying relative to other states in the country. Take a look at where your state ranks here: State Solar Rankings You will want to know this information to help you make the most informed decision.
Ok, so now how much can you save per month? There are obviously many factors that play into this, but according to a report out of NC State University, NC Clean Energy Technology Center, cost savings of solar customers in America’s 50 largest cities was an average of $44 to $187 per month saved in just the first year. The fastest most definitive way to know how much you can save is to request a free solar quote.
Why is now the right time? Well Solar has always been awesome, but was expensive. Not anymore, in fact the prices of solar panels has fallen over 70% since 1998. Additionally, Federal and State incentives are available to make it possible to have a full system installed on your home for $0 down. One of the biggest incentives often overlooked but very obvious is that solar energy is free! The sun comes up every day and shines on us all, some are better at making it work for them, why not you?
The financial benefits make more sense than ever. There are plenty of options aside from the incentives offered by your utility and state and national governments. You have the option to buy the system upfront and own it as well as many attractive leasing options. You can learn more about the costs and decision making information here.
Long term benefit. (Electricity prices beat inflation going up 2.5% annually between 2000-2006.) Chances are they will continue to rise by at least this rate year over year. For example, the average residential price per kWh in the U.S. in 2005 was 9.45¢ overall. In 2014 it was 12.5¢, equaling a nearly 34 cent increase per year. (U.S. Energy Information Administration, Electric Power Monthly, March 2015.) This is actually good news for homeowners that go solar because the cost savings actually increase every year.
By installing solar panels, you are able to lock in pricing at today’s low rates. Going Solar is a great long-term investment that will save you money. The best way to find out how much you can save is to get a free, no obligation consultation with a professional solar installer.
Interested in learning how much you can save with solar? Click here to get a free quote.
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The Snowmass Village Solar House by Greenline Architects |
Solar power is here to stay! A solar home can drastically reduce or eliminate electric bill payments. In some cases the utility providers are paying homeowners for electricity that is produced beyond what they use. Now that is a different idea isn’t it? The solar industry is booming now. Here are some of the best reasons to go solar today:
Check out the Solar City savings comparison of solar homes in different states below. Solar City compares savings of a 5-kilowatt system in three places in the U.S. It assumes a system cost of $26,000 to $30,000, this factors in sunlight, federal and local tax incentives, and local utility rates including a 3% annual increase.
In short, whether you buy or lease, you can save a ton of money in utility costs over time. Are you interested in learning how much you can save with solar? Click here to get a free quote.
Savings Over 20 Years: Location: Long Island, New York – moderate sun but high utility rates and incentives.
If you buy the system: $29,662
If if you lease and put $0 down: $14,956
Location: Los Angeles – lots of sun and cheaper utilities.
If you buy the system: $12,576
If if you lease and put $0 down: $10,437
Location: Tucson – plentiful sun but few incentives.
If you buy the system: $54,923
If if you lease and put $0 down: $43,773
Lighting the Way: The USA’s Solar Boom, EnergyMatters.com
The Environment New York Research & Policy Center has released a report stating that over the last decade the United States capacity for solar PV has grown from 97 megawatts (1993) to 12,000 megawatts (2013). The report states that the Top Ten states with the most solar electricity installed per capita by end of 2013 were Arizona, California, Colorado, Delaware, Hawaii, Massachussetts, Nevada, New Jersey, New Mexico and North Carolina.
Link to Article: Energy Matters
It’s pop-ups vs. solar panels on Shepherd Street NW in Columbia Heights, Washington Post
Residents who have been using solar panels on the rooftops of their homes in Columbia Heights, Washington D.C., are encountering an unexpected obstacle as pop-up rowhouses threaten to block their panels’ exposure to sunlight. Zoning laws in the area allow developers to add a third story to existing rowhouses, bringing them up to a height that could potentially interfere with their neighbor’s panels.
Link to Article: Washington Post
Utah Olympic Oval to get solar energy makeover; KSL.com
The Utah Olympic Legacy Foundation has announced that the Utah Olympic Oval, the site of speed skating events during the 2002 Winter Olympic Games, will be getting a $1.4 million solar makeover. Solar canopies will be installed over the Oval’s parking spaces and it’s anticipated that the more than 1 million kilowatt-hours that will be produced annually will allow the Oval to continue providing recreation for the community and a venue for national and international speed skating competitions.
Using a grant from the Rocky Mountain Power Company and money from Salt Lake County, the Foundation is able to fund most of the p
Buying Into Solar Power, No Roof Access Needed; NY Times
Consumers who have previously been unable to take advantage of the savings of renewable energy, due to inadequate roof exposure or apartment living, may now get the opportunity thanks to the unique concept of a solar garden. A solar garden allows consumers to purchase a solar panel that is part of an array which has been built remotely, allowing them to receive the credit for the energy their panel produces without having the panel physically located on their property.
