The world wants you to go solar – at least that is what it seems like with the tax credits and incentives available to home and business owners. Currently, there are a number of solar friendly programs at almost every level to help you install a solar panel system on your home or business.
Federal Tax Credits for Solar Power
First off, the Federal Government will give you a 30% solar tax credit to install a solar energy system. This is not your typical tax deduction. This Solar Rebate is a 30% dollar-for-dollar credit against anything that you owe to the IRS. This federal solar tax credit ends in 2016, so make sure start the process of installing your new solar power system before the tax credit expires.
If you install a $10,000 system, you will receive a $3,000 credit at tax time. This means that the real cost of your residential solar panel system in this example is only $7,000. Uncle Sam is willing to give you nearly one-third of the cost of your new solar panel installation.
There are even more incentives available for businesses that install solar power systems. In some cases, a business can get this 30% Federal Solar Rebate and also depreciate the full amount of the investment during the first year. Please consult your trusted accountant to see how installing solar panels on your home or business can help reduce your tax liability.
California Also Wants You to Go Solar
The state of California is very active in it’s efforts to “go solar”. A wealth of information on California solar incentives can be found at GoSolarCalifornia.ca.gov. There, you can find a number of solar resources to help you with your new solar panel system. The California Solar Initiative (CSI) is an example of state-level government partnering up with some local utility companies to provide solar rebates to new solar installations.
Some Cities Have Local Incentives
In addition to rebates and incentives at the state and federal levels, several cities have their own credits and rebates to help property owners with solar installations. To see if your city has any solar initiatives, contact your local city hall or permitting division and ask about local solar incentives. Mohler Solar will provide you with a list of all the incentives and rebates that you are eligible for when you make an appointment with us.
Even The U.S. Congress Likes Solar
Even Congress is on your side. In 2007, they passed the Solar Opportunity and Local Access Rights Act “To amend the Public Utility Regulatory Policies Act of 1978 to promote energy independence and self-sufficiency by providing for the use of net metering by certain small electric energy generation systems, and for other purposes.” What this Act does is prohibit Home Owner Associations from blocking solar panel installations, and it prevents neighbors from blocking the sun from reaching your solar panels.