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With Renewable Energy, You Might Save in Two Ways
What incentives are in place for homeowners and businesses that want to install renewable energy systems?
Kelly Nemi, Sacramento, California
Several state and municipal governments are trying to stimulate demand for alternative energy by offering cash incentives to companies and homeowners that install solar electric (photovoltaic) systems, fuel cells, small wind turbines, solar thermal systems for heat and hot water and other renewable energy technologies.
The website of the Database of State Incentives for Renewable Energy, a project of the Interstate Renewable Energy Council, contains comprehensive information on state and federal incentives tax credits, grants, rebates and special utility rates for renewable energy technologies.
For example, according to the Database, Anaheim, Californias, public utility is encouraging residential and business customers to install photovoltaic systems by offering rebates of $4 per watt up to $7,000 total for residential systems and $50,000 for industrial installations.
The state of Indianas Alternative Power and Energy Grant Program will help businesses, non-profit organizations and units of local government (such as schools) with the costs of installing solar, wind, fuel cell, geothermal, hydropower, alcohol fuel, waste-to-energy and biomass energy technologies. Theyll pay up to 30 percent of the project cost, or $30,000, whichever is less.
New Jerseys Clean Energy Rebate Program pays rebates between 30 cents and $5.50 per watt for commercial or residential solar electric systems, depending upon size.
These are just a few examples. The Database features a U.S. map where visitors can click on their state to access detailed information on what grants, rebates or tax incentives are available through their local governments and utilities. The site is updated each week and features new programs as well as changes to existing ones.
Homeowners can also finance the purchase and installation of renewable energy systems through home-equity loans. This strategy can help bring down costs through tax savings, since interest payments on mortgage loans are tax-deductible.
For More Information: Database of State Incentives for Renewable Energy: www.dsireusa.org; Interstate Renewable Energy Council: www.irecusa.org
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