Wednesday, March 16, 2011

Is it True.....Can You Sell Solar Power Into Your Grid and Make Money

A recent New York Times article blasted solar energy systems as making “no economic sense.”[1] The truth: solar photovoltaic systems aren’t cheap but they do payback. Sales of solar photovoltaic systems have been rising up to 50% annually in some states and it’s not just environmental do-gooders who are investing in the renewable energy. For many homeowners, solar energy is about dollars and cents.

Solar systems incur significant upfront costs but both federal and state governments offer incentives. The Energy Policy Act of 2005 included two ways to receive a tax credit for solar energy from the federal government. You can qualify for 30% of the system cost (up to $2,000) for either solar water heating or for solar photovoltaic (PV) electricity.

At the state level are more incentives. Over half of the states in the nation offer solar energy rebates offset the cost of solar power systems, New Jersey rebates cover more than 50% of retail costs. An additional income tax incentive is offered in 17 states. Add it all up and some homeowners are installing PV systems for a third of the retail price.....Read the entire article.

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