Solar Technology has come a long way in the last twenty years. In the process, the costs of these Solar Panel Systems has fallen dramatically. The cost of the Solar Panels themselves has fallen to about half of what they were 10 years ago.
In addition to lower prices, State and Federal Governments are offering jaw dropping incentives. The Federal government is giving a 30% tax credit. This is not a deduction, but a dollar for dollar reduction in your tax bill. It is money in your pocket. Oregon provides up to $6,000 tax credits.
The Federal government is also allows an accelerated depreciation. For businesses, this gives you the ability to deduct the cost of the system at a much faster rate, five years, than you otherwise could. This gives you an effective 25% reduction in the cost of your system.
Virtually all utilities offer some type of rebate for the cost of the system. The rebate is based upon the size or Wattage of the system. The Energy Trust of Oregon rebates are still available, but that are being reduced on a regular basis. Install your system now to lock in your rebate before they drop even further.
Under the right circumstances, you could be eligible for an additional government grant, at both the State and Federal level. At the federal level, these grants can be for up to 25% of the project costs. State grant size and availability will vary. Remember, a grant is not a loan and it does not have to be repaid.
In many states including Oregon, the increase in the value of the property created by the installation of the Solar Panel system is exempt from real property taxation. That is to say, your property taxes cannot go up.
There is no denying that Solar Systems add value to your property. When you sell you home or business, the selling price will be increased, sometimes significantly, by the presence of a solar system. This is in addition to all the credits and rebates you have already collected.
Don’t forget the main reason you installed this system in the first place: To reduce your energy consumption. These Solar Panel systems are almost maintenance free. As a result, the function flawlessly month after month, year after year, for decades. And each month, your energy bill is reduced. Go ahead and crunch the numbers and you will see that your savings will be in the thousands of dollars. And your carbon footprint is smaller.
It is a “no-brainer”. You have to install a Solar Panel system. You are losing money every month you put it off.
All of these credits, rebates and grants are discussed in detail on the Dsire website. The website is sponsored by the US Government and maintained by the North Carolina State University. We acknowledge and appreciate the hard work they do to bring this important information to us.