It is undeniable that energy prices are going through the roof.
Just take a look at your utility bill. The good news is using
solar power can save your bank account, particularly with new
incentives.
Personal Tax Credit and Deductions
If anything is more aggravating than exploding energy costs,
it's your tax bill. New and established government programs let
you attack both by going solar. The first method is by simply
saving money on taxes. If you install a solar energy system on
your home, the federal government is going to give you a tax
credit of up to $2,000. Tax credits reduce your tax liability
dollar for dollar unlike deductions which are subtracted from
your gross income. A majority of states now also offer tax
credits you can use when paying state taxes. Each state handles
the matter differently, but you can expect to get a credit for a
percentage of your installation cost or a fixed figure.
Net Metering
Net metering is a concept that has resulted in exploding sales
in the solar energy industry. Net metering refers to state laws
that require utilities to purchase power generated from your
residential solar system at the same price the utilities would
otherwise charge you for electricity. In effect, net metering
lets you use the utility company as a battery. While you are at
work during the day, your solar system sends energy to the
utility and your power meter actually runs backwards. When you
come home at night and use power, the power meter runs forward.
All and all, net metering will either slash or completely
eliminate your utility bill. With solar panel systems having a
life of 40 years, think how much money you'll save! While a
majority of states have net metering laws, not all do. Make sure
to check if yours does.
Property Tax Incentives
Property taxes. How we all hate paying property taxes. Well,
many states now provide exemptions, exclusions or credits for
homes with solar power. Each state handles this issue
differently, so look into the potential savings in yours.
Rebate Programs
To promote solar energy, rebate programs are offered to
homeowners by states and utilities. Again, the characteristics
of such programs vary wildly, but typically come in the form of
rebates ranging from a couple hundred bucks to $4,000 or more.
With your utility bills going through the roof, it is time to
consider steps you can take to save money. The economic benefits
of going solar have never been better, which makes now the time
to convert.
More Information:Rick Chapo is with
www.solarcompanies.com, a directory of solar energy and solar power companies. Visit
www.solarcompanies.com/articles to read more solar electricity articles.
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