Taking Advantage of Government Rebates and Tax Credits
Many states are offering a rebate on solar power systems equal to 20-40% of the total system cost. These rebates can be paid in one lump sum or spread out over the course of 5 years, depending on the type of system. Also available is a 30% Federal tax credit and Depreciation. The tax credit can be fully monetized despite AMT and/or corporate write-offs. Even if you are a nonprofit organization or any other non-taxable entity, new government policy has written into effect that solar power systems be entitled to a government grant equal to 30% of the total system cost.
- Lastly, for businesses, the IRS will allow solar power systems to be depreciated on a 6-year accelerated schedule. That means between rebates, tax credits/grants, and depreciation, a solar power system owner could see a total Return On Investment in as little as 3 years.
Low Maintenance/Long-Term Reliability
Bell Labs fabricated the first solar module in 1954, which is still in operation today at the National Renewable Energy Laboratory (NREL) in Colorado. However, the very first solar cell was produced in 1883 with the technology being recognized even decades before that. Since then this technology has gone through radical improvements resulting in greater efficiencies, lower manufacturing costs, and has time-tested its reliability. Some researchers have speculated that solar modules produced today could continue to work passively for up to 75 years with little to no maintenance needed.
Spin Your Meter Backwards
When your solar power system generates more than is being consumed, the excess energy is displaced onto the utility grid, effectively spinning your meter in reverse. So at night, when your system is not producing any energy, your business and/or household will be utilizing stored credit produced during the day on a 1:1 basis. The results are dramatically reduced electricity bills.
Solar Power is Better for the Environment
The use of solar electricity in place of conventional electricity prevents the release of carbon dioxide into the atmosphere. There is great concern among scientists today that carbon dioxide (from the burning of fossil fuels) is the leading cause of global climate change. Solar is one of a number of renewable energy sources that do not place carbon dioxide into the atmosphere.