The end of the year is sneaking in quickly, and daylight hours are becoming shorter. This does not mean you have to wait for summer to complete a solar p.V. renewable energy system.
Some may be aware that incentives are hot on solar p.V. systems. If you are not aware these incentives include :
• Federal tax credit: 30 percent of system cost.
• State of iowa tax credit: 50 percent of federal tax credit.
• Depreciation (business only): 85 percent of system cost
• Utility rebate: (commercial) up to $25,000, residential no limit.
• Reduced electric useage or elimination of utility useage.
With all of these combined payoff times become very short.
The incentives listed do not include other advantages of a renewable solar system such as inflation of electric prices in time make the system more valuable as we are comparing to todays prices and minimal maintenance, as no moving parts are present on a p.V. system.
One key factor to the incentive package is the utility rebate. It is available from your local utility and, as mentioned, is a very important part of the paydown cost on a p.V. system. This rebate is limited by the system size or annual useag on the customer’s account.
This rebate has been available since 2009 and will not be available in 2014. Many may ask if the system can physically be installed between now and the end of the year? More than likely not. The incentive from the local utility will be available and honored in 2014 only if the paperwork process has been started by the end of this fiscal year.
For those who have been thinking renewable, you may want to think harder as the time to act is now.
Are you burning daylight?
Information provided by Jonathan Hart, Cornerhart Electric, CEnergy Solar Solutions, 20502 490th St., Centerville, (641)895-2283.