Financial Incentives When Solar Power Is Used In Your Home

It is undeniable that energy prices are going through the roof. Have you looked at your utility bill lately? The good news is using solar power can save your bank account, particularly with new incentives.

About Personal Tax Credit and Deductions

Did you know that your tax bill is actually considered as more aggravating than exploding energy costs? New and established government programs let you attack both by going solar. Simply saving money on taxes would be the first method. 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. Unlike deductions which are subtracted from your gross income, tax credits reduce your tax liability dollar for dollar. A majority of states now also offer tax credits you can use when paying state taxes. You can expect to get a credit for a percentage of your installation cost or a fixed figure even though each state handles the matter differently.

Net Metering

Net metering is a concept that has resulted in exploding sales in the solar energy industry. Another thing that net metering refers to are 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. Net metering, in other words, will either slash or completely eliminate your utility bill. Solar panel systems have a life of 40 years so you can imagine just how much money you will save. A majority of states have net metering laws but not all of them do. You should make sure to check if yours does.

Property Tax Incentives

Then we have property taxes. How we all hate paying property taxes. Exemptions may be provided in many states as well as exclusions or credits for homes with solar power. Each state has a different way of handling this issue so look into the potential savings in yours.

All about Rebate Programs

Rebate programs are offered to homeowners by states and utilities in order to promote solar energy. 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. It's true that the economic benefits of going solar have never been better which is why it's a good time to convert.


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