Solar power is a buyer market right now. Because of the opportunity for financial benefits, this investment can save you money in the short term as well as the long-term if you understand how the system works.
Solar incentives exist at both the state and federal level. Local governments place different standards on the allocation of these benefits, so it’s important to evaluate what kind of rebates and programs are available in your area. South Carolina bases its incentives on the kilowatt-hours of solar energy produced by residential systems. Federal incentives, meanwhile, are more flexible. Solar electric systems and solar water heaters installed after 2008 have no maximum incentive.
Qualifying for solar incentives is probably the trickiest part of the process. The rebate system requires certification of your solar system by an approved utility manager to ensure that they operate at maximum efficiency. Once you should have been approved, it’s a good idea to keep track of all financial records including receipts for equipment you purchased and copies of the installation and certification. This will make things simpler when you need to file taxes with new solar energy information.
Solar power must account for a significant percentage (usually at least half) of the total energy production in the home that it powers in order to qualify for most solar incentives. Don’t forget that by transferring power production to your renewable system, you are reducing your financial dependency on other utility providers and making the entire energy process more affordable.