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What Homeowners Need to Know About the Solar Energy Credit

Fox Business -- I recently noticed that my electric bill has been soaring recently—closing in on $600 to $700 a month. With the summer heat about to hit its peak, I decided to do some investigating to find ways to bring down my bill. I discovered that a solar system can bring down my bill considerably and after crunching the numbers, I learned the return on investment (ROI) also made it a worthwhile idea.

If you purchase a solar system between now and Dec. 31, 2016 you will be eligible for a tax credit equal to 30% of the cost of your solar system, including installation. Please note that this tax credit is not available if you lease the system or participate in a Solar Power Purchase Agreement (PPA).

This is a tax credit, not merely a deduction. So if you owe $10,000 in taxes and your solar system cos


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Submitted Jun 08, 2012 By: DellDude2
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: What Homeowners Need to Know About the Solar Energy Credit Back to Topics
REPLIES (newest first) Post a Reply
Gnusman53
Champion Author San Diego

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Message Posted: Jun 10, 2012 8:56:53 AM

seems the poor soda doc from Texas must have loved ENRON.....

Too bad he doesn't like facts.....

California had a GOP governor that signed the energy deregulation bill with promises it would lower ratepayers energy costs. It did the exact opposite, thanks to ENRON.
My parents lived in a San Diego suburb and SDG & E TRIPLED their rates after ENRON moved into the California energy "market".

When Gray Davis followed Wilson as governor, he tried to get help to stop ENRON from the Bush administration..... they told him there was nothing wrong.

Months later, the ENRON fraud publicly unraveled.....

But California was hit with $37 BILLION + in costs from that mess...

California was just climbing out of a recession slowly when ENRON hit them, creating much of the financial problems that have kept California floundering economically for more than a decade....

Those are facts.

And that is why soda doc (aka dr pepperTX decided he could not handle them -- and chose to ignore them.....

As to solar. There are choices. You can check to see if some of the leasing companies are operating in your areas. If they are, they would install, maintain and own the solar equipment, while you would get a fixed lower energy cost from them.

Please try to check those out. You may decide against doing it that way, but you can't claim that the solar was too expensive -- since you wouldn't have to buy, install or maintain it.



[Edited by: Gnusman53 at 6/10/2012 10:05:14 AM EST]
Rajah
Champion Author Illinois

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Message Posted: Jun 9, 2012 10:50:47 PM

There are a lot of variables so be sure to do the calculations for your unique situation. It seems like a good idea, but if the breakeven on the investment is 15 years down the road and you're 75 years old, maybe not so much. In our case, we're in a low electricity cost area so it's less attractive than, say, in California.
sparky808
Champion Author Honolulu

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Message Posted: Jun 9, 2012 4:06:26 PM

Thank you for posting.
drpepperTX
Champion Author Texas

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Message Posted: Jun 9, 2012 11:45:32 AM

LOL, I see there's a few new posts but I can't read them. Has to be the gnu because the only other poster that was on my ignore list must have been banned from the site.

I therefore smell hopium in the air from the gnu! Pretty sure the gnu is blaming every thing on the GOP and or the age old Enron scandal!

Most judicious was my decision to use the ignore feature on the gnu!
Gnusman53
Champion Author San Diego

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Message Posted: Jun 9, 2012 9:02:53 AM

For those who do not know where Sonoma is, it is a bedroom community for the Bay Area, to the north.. between Napa and Petaluma-Santa Rosa. It also has temperature fluctuations..... it can have coastal weather like fog and yet very hot summers in the high 90s and sometimes even higher.
Gnusman53
Champion Author San Diego

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Message Posted: Jun 9, 2012 8:57:21 AM

And those posters claiming that energy bill proves the house was a green house for illegal plants, don't know about California.

Even before ENRON, those types of houses were usually having energy costs $5,000 and much higher, according to some of the police officers I talked to back then....

After ENRON, it would be even higher...
Gnusman53
Champion Author San Diego

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Message Posted: Jun 9, 2012 8:54:05 AM

Wrong DaisysMom....... all it takes is having energy costs to ratepayers TRIPLED overnight by ENRON. the GOP deregulation under GOP Gov. Pete Wilson and approved by the GOP Bush 43 administration when Gray Davis went to the federal energy commission with charges and some proof of fraud by ENRON early on.

That TRIPLING happened in several regions of California when they were forced to sign contracts to get energy for their customers at highly inflated and fraudulent rates...

The GOP promised it would mean lower rates if the states deregulated the energy "market" in California...... Instead it was a financial disaster.

It was blamed on Gov. Gray Davis and a major reason he was recalled. But the real truth is the pols allowed the GOP to deregulate....... and found out the hard way what happens when that is done.......

Massive increases.

So, if the GOP promises deregulation will mean "cheaper" anything -- don't believe them.

They are either lying, stupid or ignorant.

Ask yourself...... what happens if the same thing happens to your area..... and the costs triples....

Could you afford it?
Gnusman53
Champion Author San Diego

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Message Posted: Jun 9, 2012 8:39:51 AM

Actually solar is more than viable, especially if new home construction adopted passive solar in their designs to cut the homeowners energy costs. And just that alone could save homeowners thousands of dollars....

[Edited by: Gnusman53 at 6/9/2012 9:41:30 AM EST]
jrsva
Champion Author Virginia

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Message Posted: Jun 8, 2012 11:13:27 PM


“An interesting article, but doesn't really concern gasoline prices at the pump.”

And why should it, Zeke? The article is about energy and clearly meets the guidelines for Newsville.
bigsranch
Champion Author Houston

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Message Posted: Jun 8, 2012 11:06:31 PM

If solar were viable, we wouldn't need the credit.
It will someday be viable, when the market dictates.
bvrbill
Champion Author Eugene

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Message Posted: Jun 8, 2012 10:59:43 PM

In the right location, this is great.
Rooster922
Champion Author Wilmington

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Message Posted: Jun 8, 2012 10:59:28 PM

Still expensive
DaisysMomNC
All-Star Author North Carolina

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Message Posted: Jun 8, 2012 10:58:36 PM

How in the world does this person have a $600 to $700 electric bill. He must set his air conditioner on 50 and leave all lights on 24/7 and I don't even know if that would do it. Good greif!!
Shakleelady31
All-Star Author Fort Wayne

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Message Posted: Jun 8, 2012 10:58:05 PM

Interesting info.
TheHermit
Champion Author Maine

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Message Posted: Jun 8, 2012 10:54:57 PM

Taxes, gas, and power bills are all going up, that's the connection.
Kaiyne
Champion Author Chicago

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Message Posted: Jun 8, 2012 10:51:36 PM

ok.
southrob
Champion Author Tucson

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Message Posted: Jun 8, 2012 10:44:27 PM

and nuclear is good
vollee
Champion Author Cincinnati

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Message Posted: Jun 8, 2012 10:39:18 PM

I have a 5500 sq foot house and my electric bill (natural gas heat/water) averages about $100/mth. Either the author has a gigantic house or has electric heat in a northern climate to get to $600-700/mth.

Or has a hothouse growing some weed for smokin'. Could also be the neighbor - check for a long extension cord!
Zeke33
Champion Author New Hampshire

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Message Posted: Jun 8, 2012 10:34:30 PM

An interesting article, but doesn't really concern gasoline prices at the pump.
uptherefiners
Champion Author Chicago

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Message Posted: Jun 8, 2012 10:33:01 PM

"I *recently* noticed that my electric bill has been soaring *recently*—closing in on $600 to $700 a month."

does bonnie live in stonehenge?...turn off a couple grow lights
me2002
All-Star Author Toledo

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Message Posted: Jun 8, 2012 10:32:12 PM

Why is this on here.
stickyvalves
Champion Author Iowa

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Message Posted: Jun 8, 2012 10:31:54 PM

Use it if you can.
FuelOilOH
Champion Author Cleveland

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Message Posted: Jun 8, 2012 10:30:54 PM

If you don't want to mess with batteries in electric cars why would you want to mess with Solar? You need somewhere to store all that electricity.
chuckhermann
Champion Author New York

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Message Posted: Jun 8, 2012 10:29:04 PM

Not really a gas article, but the cost of solar has come down significantly in the past three years.

[Edited by: chuckhermann at 6/8/2012 11:29:36 PM EST]
sillywagon
Champion Author New York

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Message Posted: Jun 8, 2012 10:28:25 PM

How long till solar doesn't need taxdollars to be competitive or affordable?
Fitwit
Champion Author Stockton

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Message Posted: Jun 8, 2012 10:26:19 PM

This won't help me. But it will help some.
serrog
Champion Author Nova Scotia

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Message Posted: Jun 8, 2012 10:22:41 PM

CARS? GAS?
tippybuddy
Champion Author Ontario

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Message Posted: Jun 8, 2012 10:20:49 PM

I cn't afford that
mstearno
Champion Author Dayton

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Message Posted: Jun 8, 2012 10:19:52 PM

gas prices?
carpenter4u
Champion Author Virginia

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Message Posted: Jun 8, 2012 10:13:28 PM

And how many Years till payoff, and how much did the taxpayer have to pay
Beaveronparade
Champion Author Hartford

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Message Posted: Jun 8, 2012 10:12:45 PM

Wow! Great article! I never knew this. I've wanted solar for quite a while now but it's SO expensive. This tax credit may just make it affordable. Thank you for posting.
gd83goldwinger
Champion Author South Bend

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Message Posted: Jun 8, 2012 10:11:59 PM

Wow!
jad1960
Champion Author Gary

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Message Posted: Jun 8, 2012 10:11:07 PM

This guy must have electric heat and heat the house to 80 degrees and cool it to 60 to get a bill that large, but solar power is a good idea.
nigelb
Champion Author Virginia

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Message Posted: Jun 8, 2012 10:09:06 PM

$600-$700 wow!
Spankster85
Champion Author Chicago

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Message Posted: Jun 8, 2012 10:08:22 PM

I don't what this guy's doing to get an electric bill that big but the whole solar thing is a great idea.
knot2swift
Champion Author Calgary

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Message Posted: Jun 8, 2012 10:08:20 PM

Insane...Time to tap into a light pole and steal electricity!

My bill is $56 a month. I need to steal food, smokes and beer instead.

[Edited by: knot2swift at 6/8/2012 11:08:54 PM EST]
jimnecci
Champion Author Virginia

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Message Posted: Jun 8, 2012 10:04:03 PM

Mine has been at $100 a month or so for the last five or six years. What the hell are you doing to make it $700?
radiorumor
Champion Author Texas

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Message Posted: Jun 8, 2012 10:02:44 PM

Okay, I may have to get a CPA
rf6480
Champion Author Miami

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Message Posted: Jun 8, 2012 10:00:59 PM

recently noticed $600-$700. I think I would see that immediately.
hamdriver
Champion Author Lansing

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Message Posted: Jun 8, 2012 10:00:45 PM

Ok
Somis1
Champion Author Ventura

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Message Posted: Jun 8, 2012 9:58:24 PM

Good article, the federal rebate (taxpayer dollars) makes solar work for many people.
walkingtall
Champion Author Toronto

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Message Posted: Jun 8, 2012 9:57:51 PM

What homeowners need to know about the solar energy credit is that the payback period has been reduced by the increase in energy costs.
TDIdave
Champion Author California

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Message Posted: Jun 8, 2012 9:57:08 PM

Good information!
OOXXFF
Champion Author Greensboro

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Message Posted: Jun 8, 2012 9:55:53 PM

Complicated.
min_fuel
Champion Author Philadelphia

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Message Posted: Jun 8, 2012 9:53:26 PM

This is interesting and the payback period has been reduced by the increase in energy costs. I am going to save this article for future reference.
grandamgt1
Champion Author Illinois

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Message Posted: Jun 8, 2012 9:52:20 PM

Tax credits like this create false economies.
suzmar
Champion Author Texas

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Message Posted: Jun 8, 2012 9:49:25 PM

Great, the rest of us taxpayers are subsidizing the author of this piece.
adr47
Champion Author Saskatchewan

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Message Posted: Jun 8, 2012 9:49:24 PM

Go Solar
Bubba44612
Champion Author Ohio

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Message Posted: Jun 8, 2012 9:43:59 PM

More tax loopholes for all of us.
RickF350
Champion Author Washington

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Message Posted: Jun 8, 2012 9:43:30 PM

I bet he drives a Volt.
Mariuxus
Champion Author Chicago

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Message Posted: Jun 8, 2012 9:42:59 PM

more money waste
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