On October 3rd the President signed into law an extension and expansion of the current tax credit for solar. Previously homeowners were eligible for a Federal Tax Credit of $2,000 against the price of a system. With this new credit, homeowners will now receive a tax credit for 30%. On an average system this will result in a savings of $10,000! Combine that with California and Massachusetts state rebates and you can save up to 50% off the cost of going solar.
Both states have limited funds for these programs, and the rebates become less generous as participation increases. If you sign up in 2008 and connect in 2009 you will get the best of both worlds! Check out the sample financial scenario below.
I also wanted to touch briefly on the current financial crisis and to point out that going solar is a rock solid investment for your home or business. I would challenge you to compare it to traditional higher risk investments that may be losing some of their luster these days. If you have been thinking about solar and want to learn more about how it works as an investment and inquire about the new 30% solar tax credit, I urge you to set up a free site evaluation of your home or business.
Sample Financial Scenario With New Tax Credit*
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