Solar Energy Tax Credit Federal
July 23rd, 2008
Question: Can you give me information on solar energy?
I would love to use some solar energy in my home. What can you tell me about how much it costs to begin? Is there some sort of federal tax credit? What all do I need to buy (panels, batteries, etc)? Can a homeowner do the installation or must it be done by a professional? Would also appreciate any websites for retailers of solar energy items. Thank you very much for any information.
Answer: When I was gainfully employed, prior to experiencing the bliss of retirement, I worked for a hardware store that marketed a solar energy system for single family residences.
The cost profile (this stuff is expensive) suggested that, if you planned to live in your home for 19 years post-installation, you would amortize the cost.
There were federal and California state tax credits available at the time, as well as a rebate from Pacific Gas and Electric (primary utility provider in No. Calif.) which produced a net cost near $20K.
You need to determine if your local power company is obligated to buy back surplus power from your solar system first. If they are not legally required to do so, that will make amortization more difficult.
I came accross a new, proven and tested home made wind power system and solar power system which eliminates our electricity bills. It was written by a Renewable energy enthusiasts Michael Harvey the diy called Earth4energy. You can get your copy to save energy and help environment while eliminating your power bills. Get it from here:
http://how-to-build-cheap-solar-energy.blogspot.com/
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