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Save Energy Bills With Residential Solar Panels

By Amada Wright

Residential solar power is produced by transforming sunlight into electricity. This can be achieved either by directly changing sunlight into electrical energy using photovoltaic (PV), or not directly with concentrating solar power (CSP).

Within the latter process sun’s energy is employed to boil water and then accustomed to supply power, and numerous technologies including Sterling engine dishes in which a Sterling cycle engine is used to power an electrical generator.

Based on the Energy Policy Act of 2005, passed from the US congress, tax payers who invest in residential solar photovoltaic (PV) devices will receive tax benefits.

Therefore, the solar PV tax credit is applicable towards the money spent on getting and installing a solar PV system for the generation of electricity for use in U.S residences. 30% of the eligible expenditure could be the tax credit, that is directly credited towards the tax liability and not simply deducted from your taxable income. Also the congress approved the American Recovery and Reinvestment Act (ARRA), also called the stimulus package.

For any home-owner in Sacramento, Calif., the area and federal savings can equal to almost half the price tag on a solar power system. The federal Residential Renewable Energy Tax Credit is prolonged to Dec. 31, 2016 and covers 30 percent of the amount spent for installing of small wind generators for homes, qualifying geothermal heat pumps and solar installations (solar water heaters and solar panels). Installations can be established on current home along with new construction and principle residences and second homes.

For micro turbine systems and home fuel cells set up on principle houses, a tax credit of 30% of the expenditure incurred or more to $500 per.5 kW of power capacity is provided. In the state Arizona, tax payers who provide cost effective single-family residences may have a tax deduction of 5 % of the sales price of up to $5,000.

Similarly the state of New York supplies a 25 % tax credit on solar energy systems having a ceiling of $5,000 along with a 20 percent fuel cell tax credit with an upper limit of $1,500. These may be carried forward for five years.

The state of Minnesota has gone for an extent of providing 100 percent exemption for solar space heat, solar water heat, wind systems and photovoltaic.

The worth added to a property by a solar or wind energy system is exempted from property taxes in the state of Wisconsin. Home-owners, that are eligible rebates, aren’t liable to report it as being income but can deduct its amount using their tax basis.

The initial investment on solar power systems may be recovered in the short or a long time. Factors including the form of solar system, climate, usage and installation are considered for reaching a conclusion.

There has never been a better time for you to go solar. With all the available tax credits it’s now possible to have your residential solar power system purchase itself through electricity savings in 5-6 years instead of the 25 years it might take with no tax savings.

Looking to have your impact on the world? Try utilizing residential solar power to help you save money on your high energy bills. You can also leave your mark in a green way with residential solar power.

Article kindly provided by UberArticles.com

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Article Citation
MLA Style Citation:
Wright, Amada "Save Energy Bills With Residential Solar Panels." Save Energy Bills With Residential Solar Panels. 16 Aug. 2010. uberarticles.com. 5 Oct 2014 <http://uberarticles.com/business/save-energy-bills-with-residential-solar-panels/>.

APA Style Citation:
Wright, A (2010, August 16). Save Energy Bills With Residential Solar Panels. Retrieved October 5, 2014, from http://uberarticles.com/business/save-energy-bills-with-residential-solar-panels/

Chicago Style Citation:
Wright, Amada "Save Energy Bills With Residential Solar Panels" uberarticles.com. http://uberarticles.com/business/save-energy-bills-with-residential-solar-panels/


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