Office (540)
325-0750
Fax (540) 436-8165
PAYBACKS AND INCENTIVES
-
- 65 Gallon system
- 80 gallon sysems
- 120 gallon system
Using the calculations from the calculation tool found at www.gtc-solar.com/tools.html and filling in the data (found in the example below) for San Francisco California the calculated savings per year was $612 on the 65 gallon system, $750 on the 80 gallon system and $1224 savings per year on the 120 gallon system.
2. 2009 Electricity Prices and Cost Savings Per Year:
| State | 2006 Price (in cents) | 80 Gallon Tank with 30 tubes |
| % Change, 2002 to 2006 | Your Cost Savings Per Year | |
|
|
||
| California | 14.34 cents per kwh | $849.00 per year |
| Los Angeles 5.4 insolation level | +13.5% | |
| Connecticut | 16.79 cents per kwh | $661.00 per year |
| Hartford 3.59 insolation level | +53.2% |
| Maine | 14.47 cents per kwh | $606.00 per year |
| Portland 3.82 insolation level | +13.5% |
| Massachusetts | 17.01 cents per kwh | $667.00 per year |
| Boston 3.58 insolation level | +55.6% |
| New Jersey | 12.87 cents per kwh | $512.00 per year |
| Trenton 3.63 insolation level | +24.0% |
| New York | 16.69 cents per kwh | $646.00 per year |
| New York 3.53 insolation level | +23.2% |
|
***Based
off solar calculator |
||
| *http://www.usatoday.com/money/industries/energy/2007-08-09-power-prices_N.htm | ||
A copy of the Federal Tax rebate form is located on this web site. Click here.
Go to
http://www.energystar.gov
look
under tax credits.
FEDERAL INCENTIVES for Homeowners:
|
Personal Tax Credit |
Amount* |
Maximum Incentive |
Expiration Date |
|
30% |
$2,000 |
12/31/2008 |
|
|
|
|
|
|
· A 30% Federal tax credit, capped at $2,000 can be taken for solar thermal water heating systems.
** All solar thermal water heating systems must be tested and certified by the Solar Rating and Certification Corporation (SRCC) in order to qualify for incentives/rebates with at least half of the energy used to produce the hot water coming from the solar thermal system.
Residential Energy Credits for Tax Year 2006: IRS Form 5695 & Instructions
|
Corporate Tax Credit |
Amount* |
Maximum Incentive |
Expiration Date |
|
30% |
No Maximum |
12/31/2008 |
|
|
|
|
|
|
* For eligible equipment installed before 12/31/2008, the corporate tax credit is set at 30% of total expenditures for solar technologies.
Solar Energy Systems Solar Water Heating rebate requirements:
- At least half of the energy generated by the “qualifying property” must come from the sun. Homeowners may only claim spending on the solar water heating system property, not the entire water heating system of the household.
- The credit is not available for expenses for swimming pools or hot tubs.
- The water must be used in the dwelling.
- The system must be certified by the Solar Rating and Certification Corporation (SRCC).
30% of cost, up to $2,000 Use IRS Form 5695
Farm and Small
Business Owners:
· The US Department of Agriculture (“USDA”) has grants of 25% towards the costs of PV and hot water systems for agricultural operations and rural businesses located in cities or towns with less than 50,000 people. Call your local extension agent to see if your farm or rural home business qualifies for this generous grant which can also be used with the 30% income tax credit and accelerated depreciation to cut your system cost by 60-70%.
· http://www.rurdev.usda.gov/rbs/farmbill/index.html
Home Builders:
· You are eligible for a $2,000 tax credit for a new energy efficient home that achieves 50% energy savings for heating and cooling over the 2004 International Energy Conservation Code (IECC) and supplements. At least 1/5 of the energy savings must come from building envelope improvements. This credit also applies to contractors of manufactured homes conforming to Federal Manufactured Home Construction and Safety Standards.
·
Eligible contractors need to
fill out IRS Form
8908
to
get the tax credit. The IRS has provided the following guidance
regarding the tax credits for constructing energy efficient new
homes available under the Energy Policy Act of 2005:
· There is also a $1,000 tax credit to the producer of a new manufactured home achieving 30% energy savings for heating and cooling over the 2004 IECC and supplements (at least 1/3 of the savings must come from building envelope improvements), or a manufactured home meeting the requirements established by EPA under the ENERGY STAR program.
-
IRS Notice
2006–27
provides
guidance for the credit for building energy efficient homes
other than manufactured homes. -
IRS Notice
2006–28
provides
guidance for the credit for building energy efficient
manufactured homes.
4.
STATE Incentives for Renewable Resources
For a complete up to date list of all incentives offered please visit: http://www.dsireusa.org
© 2010
SUNPEAK
