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Status Of Rebates For Solar Panels
Rebates for solar roof panels for 2009 extended. Update to this article. The recent 700 billion dollar Wall Street bailout bill includes a renewal of credit for homeowners installing solar and other energy efficiency measures. The good news is the credit of 30% does not have the old limit of $2000 maximum credit for rooftop solar panels anymore.
For more info visit http://www.irs.gov
Will There Be Solar Panel Rebates and Solar Hot Water Heater Rebates for 2009? Update on the federal rooftop solar panel rebate for 2009 By James Casey
This information is correct to the best of my knowledge regarding the status of federal tax rebates for solar panels in 2009. Persons planning to invest in rooftop solar panels should check with their local city government and other sources for updates.
As part of the economic stimulus package that was passed by the senate in 2008, the government will continue the program of rebates for home solar hot water and photovoltaic panels into 2009 and beyond.
The cap on the maximum payment for each home project has been lifted so now you can get a thirty percent rebate on qualified projects, regardless of cost.
2009 looks like it is going to be a banner year for solar installers with the renewal of federal energy credits.
My own rooftop solar panels
My wife and I decided to sell one of our toys, a boat, which incidentally used a lot of gas (at least a hundred bucks for a zip around the lake) and invest the proceeds in a rooftop solar panel system. Here in Austin Texas the city has one of the largest rebates in the country.
For a 3 kilowatt system, which supplies about 340 KW per month or $34 of our electricity bill, the cost is $21,000 less city rebates of about $13,000 and a federal tax credit of $2000, the cost comes out to just over $6000.
What Will Be The Payback Time On Our Rooftop Solar Panels?
Over the years as electricity costs rise we will get our money back faster and faster. Even if the rate holds at ten cents per kilowatt we will get our money back in 15 years.
It is very unlikely that rates will stay that low, so we expect to see payback in ten years or so. We get the satisfaction that a portion of our energy comes from a clean source and no greenhouse gas is produced making it.
The City of Austin with several thousand of these rooftop systems gets a new power plant that lasts at least 20 years or more and needs no fuel, space, employees, etc. It is a win, win situation and it also adds value to our home.
A survey of home buyers in the Austin area indicated they would pay slightly more for a home with rooftop solar over another home of equal value.
Good luck on your own solar panel system and be sure and check IRS.gov and energystar.gov for updates on the tax credit.