Solar and Wind Tax Credits and Rebates
FEDERAL TAX CREDITS 30%
Now you can save on taxes as well as on utility bills. The Federal Government is offering a tax credit of 30% of the total cost of a wind or solar system. This includes product, installation and freight, everything you spend on your system. Since this is a tax credit, not a deduction, you save the actual 30% off of your tax liability.
For instance, let’s say you owe the Federal Government $10,000 at year’s end. You purchased a wind or solar system for $20,000. Your tax credit of $6,000 would come off of the $10,000 you owe leaving you with only a $4,000 tax bill. If you don’t have the tax liability in the year you purchase the system, you can carry the credit forward to the next year. A great opportunity to save lots of money!
UTILITY REBATES IN COLORADO
The passage of Amendment 37 in Colorado was a historic moment for the solar industry. This amendment made it mandatory for certain Colorado Utilities to produce 20% of their power through renewable means. So, solar systems installed in certain areas of the state receive a rebate for their system from their utility company.
When was the last time your electric provider sent you a check for $20,000? Now they will! Each utility has a different program so we’ve outlined them below.
BLACK HILLS ENERGY REBATES
Serving several areas in Colorado, Black Hills currently has the $2.70 per watt rebate available. You can reduce your system cost by as much as 64%. Seems too good to be true? It isn’t. With solar prices the lowest we’ve seen them in over 19 years, these systems pay for themselves in a matter of a few years.
Here’s how the program works. You select a system to install. We process the paperwork for you. All you have to do is sign it. You pay 50% of the cost of the system after rebate to order the components. You assign the rebate check over to us. This way you don’t have to come up with the rebate money to purchase your system. We finance that for you at 0% interest! When the components arrive on your property you pay us the remaining 50% of the cost of the goods. We install the system and pass the local jurisdiction’s inspection. Your new meter is installed and you start saving money immediately. The final payment for freight and installation is made after the system is installed.
XCEL ENERGY REBATES
Similar to the Black Hills Program, Xcel offers a $2.70 per watt rebate. The program rules vary slightly, but we take care of that for you. While the rebate isn’t as good as Black Hills, which could change at any time, combined with the Federal Tax Credit it’s still a fabulous bargain!
COLORADO SPRINGS UTILITIES REBATES
Colorado Springs Utility was not mandated by Amendment 37 to offer a solar rebate program. But, they have come forward voluntarily to offer $3.00 per AC Watt. They have limited funds each year, so if you are interested you want to apply early.
SMALLER CO-OPS AND MUNIES
The smaller Co-ops and Municipalities do not have to offer any type of solar incentive, but they sometimes have rebate programs. The Governor’s Office of Energy has funding available to help some of these smaller utilities with a solar or wind rebate program. These programs will be announced around the end of Feb. They will be offering $1.50 per watt rebate; with some utilities offering an additional $1.50 per watt to bring the total rebate to $3.00 per watt.
We will post further information as it comes available.
HOW YOU CAN GET A SOLAR OR WIND SYSTEM REBATE
Give us a call. We will come to your home or business and give you a free site analysist. We will discuss with you the best place to mount your solar modules. What size of system you might need and all of your options available when installing a solar or wind system. We’ve been doing this for over 18 years. We would love to work with you to make you another satisfied alternative energy owner.
