Federal Tax Credit Increase Brings Solar Within Reach

By Holy Solar

The recent stock market collapse and subsequent Congressional bailout have brought a collective groan to pocketbooks across America and financial markets around the world. Afraid for their savings and jobs, and worried for the future of their homes and college funds, this may not seem like the time for homeowners to invest in expensive improvements.

The $700B corporate welfare package was passed through Congress, much as previous legislation overreached the bounds of government on the pretext of crisis. Stuffed with pork and served with theater, this move will haunt the world economy for years to come.

There is a silver lining to the dark storm cloud rising, however: the alternative energy tax credit cap has been quadrupled to $8000, bringing the effective cost of PV installations down by 1/3-1/2. The credit applies to 30% of the total installed cost of new residential systems.

Solar InstallationFor California residents, this can be added to the $2.50 credit to make solar a truly affordable alternative to the grid. Other states have different rebate programs. Depending on where you live and how much tax you typically pay, the cost of a grid-tie solar system might be offset up to 50%.

Contact a representative at Real Goods Solar for more information on solar installation and tax rebate credit incentives available where you live.

Residential Solar Rooftop photo from the Sierra Club, Solar Installation photo from bkusler. Both images provided courtesy of Creative Commons.


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Topics: Alternative Energy News, Green Technology, Solar Panel Installation, Solar Power, Sustainable Energy | 1 Comment »

One Response to “Federal Tax Credit Increase Brings Solar Within Reach”

  1. Stephanie
    1:57 pm on October 13th, 2008

    Indeed, the silver lining to the bailout plan is the tax credits for alternative energy like solar. As the panels continue to come down in price and government steps up its support through tax breaks, it is exciting to see that we may be able to get away from dirty coal burning to power our homes and businesses. Nice post!

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