Did you know that you can be rewarded handsomely for choosing to use solar energy? If you’re thinking that you will get solar rebates and tax credits to the sum of a few hundred dollars, think again! Thanks to new solar tax breaks you can be looking at savings of thousands of dollars.
Although, the biggest incentive for most people is because they will be helping save the environment, reducing costs is also a big incentive to help those who need a gentle push in the direction of using solar energy. This is great news that the government is pushing for generous energy laws because the big factor that prevents many people from using solar energy is the large cost factor. But now the government is helping out with this it is opening the solar market to a larger demographic.
Rebates and tax credits are being offered to offset the costs of buying and installing solar panels. It is worth investigating the federal, local, and state tax incentives before you run out and purchase a solar panel so that you fully understand the savings that are available for you.
State and utility companies have programs that offer generous subsidies that can, in some situations cover 30% off the solar system cost. This can amount to thousands of dollars which you can save on your solar costs and make switching over to solar very attractive.
Extra incentives are also offered in some locations as solar rebates and tax credits. These vary from state to state so it is worth checking out further. Some location incentives are more popular than others. For instance, California has run a highly successful solar rebate program for many years now and grid tied PV systems have shot through the roof in popularity due to the attractive incentives.
A 30% deduction off your solar system costs is also offered by the federal government. This is known as an investment tax credit.
If you are confused about the difference between solar rebates and tax credits I will give you a quick definition so that you can distinguish between the two. Solar tax rebates are offered to you when you buy the solar panels. On the other hand, tax credits can be thought of as a tax refund or deduction. To get this credit you will need to make a claim on your federal tax form.
Solar rebates are available for residential properties and commercial businesses that are using solar power. To find out more about these rebates it is best to contact your utility company to receive more information.
Even with solar rebates and tax credits, running your whole home on solar energy is still very expensive. But using solar energy should be looked at as a long term investment in helping the environment as well as helping your bank account to save more money. Over the long run you will realize big savings by cutting down on non-renewable energy. Even if you only power a small section or part of your home by solar energy, the savings will be reflected in a reduced energy bill.
The subject of solar rebates and tax credits can be a confusing subject to navigate through but you should have a much clearer understanding now that you have read this article. All you need to do is investigate a bit further to find out the rebates and credits that are available in your area and then you will have the green light to go green with solar energy!