The Federal government enacted the Emergency Economic Stabilization Act of 2008 to encourage the large-scale use and expansion of solar power across a wider consumer and business base. The Act not only offers several cash incentives for economic benefit, it also includes various kinds of incentives for consumers and businesses fascinated in acquiring a solar power system.
Although these incentives do not add up to actual hard cash given back, the tax credits can assist customers save a remarkable sum of money. Parts of the Act related to the alternative energy can be split into numerous components.
The following two segments that have the tremendous impact our installation business are
For new solar installation, now business can gain benefits of increased tax incentives. This offers a tax credit of 30% for companies or other enterprises that are investing in solar energy. Providing businesses to save huge amount of money, this tax credit is taken off the entire amount of purchase cost and initial installation. If you have not used the total amount during the current filing year, the incentive can be moved over to subsequent years.
Here, consumers can also achieve similar advantages as with businesses such as: consumers can also get a 30% tax credit taken off the entire amount regarding installation and purchase.
If the total amount is not used during the filing year, the incentive can be moved over into the subsequent years. Here, the consumers are also allowed applying for the tax credit to any owed taxes from prior years, providing them bigger settlement from the credit.
In order to provide consumers and businesses sufficient time for installing a new solar array and get better with a significant amount of their purchase costs, the Act has extended the assistances of the 2005 renewable energy bill until 2016.
For homeowners and businesses involved in installing a solar PV system, today many states provide a wide range of facilities and incentive programs. In order to find out what each state offers, you need to do a research and make enquiries with the Department of Energy or State Energy Commission.
Incentives are evaluated based on the entire DC capacity of a solar electric system, calculated by the sum of the DC capacity of all modules installed.
In case of Texas, the ONCOR incentive level for program year 2013 is $1.09 per DC watt for residential and $1.09 per DC watt for non-residential installations.
The ONCOR incentive covers up to $ 10.9k for residential customers and up to $150k for commercial, government, and nonprofit customers.
(Click Here to find out about incentives available in the state you live in)
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