Berkeley CSUA MOTD:Entry 39370
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2024/11/23 [General] UID:1000 Activity:popular
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2005/8/30-9/2 [Reference/Tax] UID:39370 Activity:nil
8/30    Get a $2000 tax break next year by going solar:
        http://www.treehugger.com/files/2005/08/knock_4000_off.php
        \_ Yay!  I can spend $20000 and save $4000.  What a deal!
           \_ Actually, do the math.  Between the state and federal credits
              and discounts, it's a pretty good deal vs. the "real" cost.
              That being said, PV is still a pretty poor price performer.  But
              if you're in a high electricity tier and going PV could drop you
              a couple tiers and you finance the PV installation and you're
              collecting all of these discounts, you could end up money ahead
              every month, starting now, and more in the future.  --dbushong
                \_ Not to mention the fact that we don't know the future of
                   electricity prices.  What if they start going up 10% a
                   a month for a few years? Those with PV panels will have
                   no change to their $0/mo electric bills.
                   \_ A solar system is also a home improvement which
                      increases the value of the house, so the cost is
                      at least partially recoverable, even leaving aside
                      the electricity bills.  -tom (Zero kwh usage for three
                                                    months now)
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www.treehugger.com/files/2005/08/knock_4000_off.php
Forbes is reporting the under the new energy laws, homeowners can receive up to $4000 in tax credit for installing solar e nergy system. Congress authorized the solar credits for only two years from Jan. Homeowners can put in a photov oltaic system and/or a solar-powered hot water system, and get a federal tax credit worth 30% of the systems' cost, up to a credit of $2,000 per system. There are a couple of catches: The heating system can't be for a pool or hot tub, and the federal credit applies to the net system cost after any state incentives. The good part is that this new federal break is a credit not a deductio n meaning it reduces your tax bill directly, dollar for dollar. So, if you install both eligible solar systems in your house, you can knock $4 ,000 off your federal tax bill. And if you have more credit than you owe in tax, you can carry it over and use it to defray next year's federal tax bill. Posted by: benjamin at August 30, 2005 11:56 AM This write-up is a little misleading. The new law says homeowners can get tax credits of up to $2,000 per system -- that is, up to $2,000 for a p hotovoltaic system and another $2,000 for a solar hot water system. So, to get the full $4,000 credit, you'd have to invest in two complete syst em -- a sizeable investment, to be sure. php Posted by: Justin at August 30, 2005 12:03 PM For a comprehensive listing of all the available incentives state by stat e as well as federal incentives (including the new ones from the Energy Bill) can be found at the Database of State Incentives for Renewable Ene rgy. It has incentives for solar as well as wind, biomass, microhydro et c and is updated regularly. Also, if you are a farmer, pay special attention to the incentives becaus e there are a TON of them available for you in there (especially for win d). Business owners also get better incentives than the average Joe. So, if you are a farmer or small business owner considering solar or wind, take a good look through your avaiable state and fedaral incentives. You just might find you can knock up to 40% off your bill AND qualify for l ow interest subsidized loans to defray the up front capital costs as wel l as production credits to increase the income you earn per kilowatt hou r after the system is installed thus cutting down on your payback time. html Posted by: Peter at August 30, 2005 01:59 PM Is this a one-time credit over the two years for each of the two systems? Also, don't forget the 'portable', yard-mounted, PV systems, that reduce your load, or give you a/c when the power's out, but don't quite take yo u off-grid. I live in a hurricane zone, and I don't trust the roof tiles to not get damaged in a storm, but I'd really like to run a window a/c unit. Posted by: Szarka at August 30, 2005 06:08 PM Post a comment But before you do - please note the following: a) Imagine you are raising your hand in a crowded room to ask a question or make a comment. If you want product info, plea se contact the company directly. If you have a link to som ething, please be sure to post it this way!