Knowing if You Qualify for Solar Power Rebates Knowing if You Qualify for Solar Power Rebates
Solar power systems can be a substantial investment for many, but the costs can be reduced if you qualify for solar power rebates. The expense of the solar panel can be offset by the incentives that are received from the Government.
Governments all over the world are offering rebates to people who are investing in solar panels and related products. To know if you qualify for a solar power rebate, read on. The article discusses federal and state rebates that may be possible to achieve on installation of a solar power system.
Federal Rebate System
Since January 2009, the Federal solar tax credit has been available for all homeowners who have installed a renewable energy system in their residential property. Initially, that is, before 2009, the rebate was $2000 or 30%, whichever was lower. However, since 2009, the rebate has been upped by 30% of total installation cost. This has been very advantageous for the solar panel industry in the USA. Moreover, the rebate would be in effect until 2016. An interesting fact about the rebate system is that if you do not earn enough money for taxes to cover the rebate, it is carried onto the next financial year. This means that you would not lose your rebate.
Individual States Rebate Plans
Many individual states offer rebates on installation costs too, while some allow combining the rebates from the state and federal authorities. To learn about state rebates, read on.
Arizona residents can receive State incentives like tax exemptions. However, rebates on installations are handled by the individual power companies. California residents can enjoy outstanding rebates for both old and new structures. A structured program is available that is easy to understand and easy to apply to. Colorado offers significant incentives for homeowners who invest in renewable sources systems. Homeowners can get almost the entire cost of the installation through rebates and tax credits.
Florida residents can secure rebates on almost all appliances that are installed in their homes. Georgia’s excellent solar rebate scheme has encouraged residents. Up to $10,500 can be received as rebate in the form of a tax credit, along with 35% of the installation cost. Residents of Illinois can secure up to $10,000 for their solar panel installation. However, solar power rebates only meet 30% of the overall cost. In addition to this, Illinois residents can enjoy property tax exemptions.
Not much apart from rebates on heating and cooling is available in Indiana. A state income tax credit scheme and a state rebate scheme is available for Maryland residents. Residents of Massachusetts can enjoy generous rebates and tax incentives that are scaled to personal income or property worth.
Some residents of Michigan can enjoy rebates of up to $10,000 for solar installations for electricity and up to $3,500 for solar water heating. Minnesota offers solar rebates to residents. However, presently funds are depleted and all home installations are put on waiting list that would be served on a first come basis. Solar incentive’s of New Jersey cover up to 10 kW home installation systems. Moreover, it encourages local manufactured products.
The New York state offers incentives of up to 45% of installation cost of new programs. The idea is to have a decentralized power grid. The rebate system in North Carolina offers 35% tax credit on cost of installation. The maximum rebate that can be enjoyed by homeowners is $10,500. Ohio offers rebates at $3 per Watt with the maximum of $25,000. However, terms and conditions apply.
Pennsylvania has kept apart $130 million for small solar installations in homes. Texas residents have no central rebate system. However, individual power companies offer solar incentives. The Tennessee Valley Authority offers 10-year solar power rebate schemes.
Individual electricity providers in Washington provide solar panel rebates and loans to residents. Wisconsin residents can enjoy a cash back inducement for 25% of the cost of the installation for photovoltaic’s solar systems.