When it comes to a property owner deciding on whether or not to purchase a roof solar panel system, the type of government rebates available are often a big part of the decision. The good news is that there are plenty of incentives to ensure the homeowner can get an affordable and customized system. Renewable energy is an important concept today, and by providing lucrative incentives, authorities are able to attract purchasers.
There are personal, corporate and federal incentives out there. Many of the credits are available through local and state legislative bodies, though these programs will vary state to state. However, finding federally funded programs is simplistic, and most of the programs greatly discount the total cost to the buyer. With all of the advantages of ownership, 2012 looks like a good year for obtaining a renewable source of energy at rock bottom prices.
A personal incentive program offers residential renewable energy tax credits to the homeowner. For the property owner that purchase solar electric technologies, renewable fuel cells, solar water heaters, photovoltaics or even wind power, this program can provide up to 30 percent cash back in the form of a tax credit. A lot depends on when the technology was installed and where. If all of the bonus cannot be used in a single year, it can be transferred to the next. Residential property owners have until the end of 2016 to claim these government rebates.
How does a tax credit work? What is the difference between tax credits and solar rebates?
A tax credit minimizes the amount of tax owed by the person. For instance, if an individual owed $800 in taxes to the IRS, a tax credit of $400 would lower the debt to $400. If the tax credit was for $1200, the debt owed for that year would be $0 with the remaining $400 transferred to the following year. The leftover amount cannot be turned into cash.
With government rebates, the purchaser receives money or cash back for the purchase. Ever buy a DVD player and have to fill out a form to receive $25 back in the mail? This runs on the same concept. The buyer fills out a form and then will receive a check for the purchase, allowing the purchaser to save a lot of money on the system.
Want to know how to qualify for government rebates, incentives and tax credits?
The best way to find out exactly what the homeowner qualifies for usually means a consultation with an expert installer. The regulations are continually changing, and a professional installation expert will know how to ensure the buyer gets the most bang for the buck while obtaining a solar panel system capable of meeting the needs of the property.
Government rebates are a great way to ensure any budget can fit in a solar panel system. A professional installer can assist the purchaser in finding the best incentives and system designed specifically to the property. Getting the best starts with making the call.