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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

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Gnusman53 Champion Author San Diego Posts:7,008 Points:1,112,420 Joined:Feb 2004	Message Posted: Jun 10, 2012 6:56:53 AM Ignore Gnusman53 Report Abuse 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 Posts:7,567 Points:2,307,405 Joined:Jul 2005	Message Posted: Jun 9, 2012 8:50:47 PM Ignore Rajah Report Abuse 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 Posts:3,008 Points:599,685 Joined:Sep 2011	Message Posted: Jun 9, 2012 2:06:26 PM Ignore sparky808 Report Abuse Thank you for posting.
drpepperTX Champion Author Texas Posts:8,950 Points:753,185 Joined:Apr 2011	Message Posted: Jun 9, 2012 9:45:32 AM Ignore drpepperTX Report Abuse 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 Posts:7,008 Points:1,112,420 Joined:Feb 2004	Message Posted: Jun 9, 2012 7:02:53 AM Ignore Gnusman53 Report Abuse 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 Posts:7,008 Points:1,112,420 Joined:Feb 2004	Message Posted: Jun 9, 2012 6:57:21 AM Ignore Gnusman53 Report Abuse 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 Posts:7,008 Points:1,112,420 Joined:Feb 2004	Message Posted: Jun 9, 2012 6:54:05 AM Ignore Gnusman53 Report Abuse 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 Posts:7,008 Points:1,112,420 Joined:Feb 2004	Message Posted: Jun 9, 2012 6:39:51 AM Ignore Gnusman53 Report Abuse 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 Posts:9,857 Points:1,613,225 Joined:Jan 2006	Message Posted: Jun 8, 2012 9:13:27 PM Ignore jrsva Report Abuse “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 Posts:3,151 Points:1,006,455 Joined:Apr 2007	Message Posted: Jun 8, 2012 9:06:31 PM Ignore bigsranch Report Abuse If solar were viable, we wouldn't need the credit. It will someday be viable, when the market dictates.
bvrbill Champion Author Eugene Posts:3,223 Points:519,600 Joined:Jul 2011	Message Posted: Jun 8, 2012 8:59:43 PM Ignore bvrbill Report Abuse In the right location, this is great.
Rooster922 Champion Author Wilmington Posts:3,793 Points:657,045 Joined:Jan 2009	Message Posted: Jun 8, 2012 8:59:28 PM Ignore Rooster922 Report Abuse Still expensive
DaisysMomNC All-Star Author North Carolina Posts:959 Points:200,850 Joined:Jan 2012	Message Posted: Jun 8, 2012 8:58:36 PM Ignore DaisysMomNC Report Abuse 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 Posts:571 Points:402,350 Joined:Jan 2012	Message Posted: Jun 8, 2012 8:58:05 PM Ignore Shakleelady31 Report Abuse Interesting info.
TheHermit Champion Author Maine Posts:3,404 Points:127,780 Joined:May 2012	Message Posted: Jun 8, 2012 8:54:57 PM Ignore TheHermit Report Abuse Taxes, gas, and power bills are all going up, that's the connection.
Kaiyne Champion Author Chicago Posts:2,344 Points:473,690 Joined:Feb 2011	Message Posted: Jun 8, 2012 8:51:36 PM Ignore Kaiyne Report Abuse ok.
southrob Champion Author Tucson Posts:3,600 Points:688,175 Joined:Mar 2011	Message Posted: Jun 8, 2012 8:44:27 PM Ignore southrob Report Abuse and nuclear is good
vollee Champion Author Cincinnati Posts:1,774 Points:760,140 Joined:Dec 2007	Message Posted: Jun 8, 2012 8:39:18 PM Ignore vollee Report Abuse 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 Posts:5,576 Points:1,616,870 Joined:Sep 2005	Message Posted: Jun 8, 2012 8:34:30 PM Ignore Zeke33 Report Abuse An interesting article, but doesn't really concern gasoline prices at the pump.
uptherefiners Champion Author Chicago Posts:5,048 Points:1,002,000 Joined:Jun 2006	Message Posted: Jun 8, 2012 8:33:01 PM Ignore uptherefiners Report Abuse "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 Posts:763 Points:319,205 Joined:Dec 2011	Message Posted: Jun 8, 2012 8:32:12 PM Ignore me2002 Report Abuse Why is this on here.
stickyvalves Champion Author Iowa Posts:5,280 Points:1,558,695 Joined:Oct 2005	Message Posted: Jun 8, 2012 8:31:54 PM Ignore stickyvalves Report Abuse Use it if you can.
FuelOilOH Champion Author Cleveland Posts:2,837 Points:1,180,220 Joined:Oct 2007	Message Posted: Jun 8, 2012 8:30:54 PM Ignore FuelOilOH Report Abuse 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 All-Star Author New York Posts:967 Points:500,175 Joined:Jun 2011	Message Posted: Jun 8, 2012 8:29:04 PM Ignore chuckhermann Report Abuse 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 Posts:14,891 Points:1,442,095 Joined:Oct 2008	Message Posted: Jun 8, 2012 8:28:25 PM Ignore sillywagon Report Abuse How long till solar doesn't need taxdollars to be competitive or affordable?
Fitwit Champion Author Stockton Posts:6,404 Points:1,356,845 Joined:May 2009	Message Posted: Jun 8, 2012 8:26:19 PM Ignore Fitwit Report Abuse This won't help me. But it will help some.
serrog Champion Author Nova Scotia Posts:5,569 Points:1,513,105 Joined:Oct 2008	Message Posted: Jun 8, 2012 8:22:41 PM Ignore serrog Report Abuse CARS? GAS?
tippybuddy Champion Author Ontario Posts:1,523 Points:207,740 Joined:Feb 2011	Message Posted: Jun 8, 2012 8:20:49 PM Ignore tippybuddy Report Abuse I cn't afford that
mstearno Champion Author Dayton Posts:8,071 Points:1,732,210 Joined:Jan 2008	Message Posted: Jun 8, 2012 8:19:52 PM Ignore mstearno Report Abuse gas prices?
carpenter4u Champion Author Virginia Posts:2,436 Points:617,145 Joined:Jul 2011	Message Posted: Jun 8, 2012 8:13:28 PM Ignore carpenter4u Report Abuse And how many Years till payoff, and how much did the taxpayer have to pay
Beaveronparade Champion Author Hartford Posts:2,105 Points:635,825 Joined:Mar 2011	Message Posted: Jun 8, 2012 8:12:45 PM Ignore Beaveronparade Report Abuse 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 Posts:1,428 Points:504,980 Joined:May 2011	Message Posted: Jun 8, 2012 8:11:59 PM Ignore gd83goldwinger Report Abuse Wow!
jad1960 Champion Author Gary Posts:1,545 Points:403,425 Joined:Feb 2012	Message Posted: Jun 8, 2012 8:11:07 PM Ignore jad1960 Report Abuse 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 Posts:8,460 Points:1,391,755 Joined:Feb 2008	Message Posted: Jun 8, 2012 8:09:06 PM Ignore nigelb Report Abuse $600-$700 wow!
Spankster85 Champion Author Chicago Posts:1,729 Points:357,815 Joined:Nov 2011	Message Posted: Jun 8, 2012 8:08:22 PM Ignore Spankster85 Report Abuse 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 Posts:4,388 Points:697,955 Joined:Nov 2009	Message Posted: Jun 8, 2012 8:08:20 PM Ignore knot2swift Report Abuse 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 Posts:11,953 Points:2,473,385 Joined:Jan 2006	Message Posted: Jun 8, 2012 8:04:03 PM Ignore jimnecci Report Abuse 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 Posts:2,817 Points:754,835 Joined:Feb 2011	Message Posted: Jun 8, 2012 8:02:44 PM Ignore radiorumor Report Abuse Okay, I may have to get a CPA
rf6480 Champion Author Miami Posts:1,534 Points:548,555 Joined:Mar 2011	Message Posted: Jun 8, 2012 8:00:59 PM Ignore rf6480 Report Abuse recently noticed $600-$700. I think I would see that immediately.
hamdriver Champion Author Lansing Posts:3,479 Points:1,378,375 Joined:Feb 2008	Message Posted: Jun 8, 2012 8:00:45 PM Ignore hamdriver Report Abuse Ok
Somis1 Champion Author Ventura Posts:13,687 Points:2,615,750 Joined:Jul 2005	Message Posted: Jun 8, 2012 7:58:24 PM Ignore Somis1 Report Abuse Good article, the federal rebate (taxpayer dollars) makes solar work for many people.
walkingtall Champion Author Toronto Posts:3,999 Points:1,121,680 Joined:Nov 2004	Message Posted: Jun 8, 2012 7:57:51 PM Ignore walkingtall Report Abuse 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 Posts:5,063 Points:1,225,715 Joined:May 2006	Message Posted: Jun 8, 2012 7:57:08 PM Ignore TDIdave Report Abuse Good information!
OOXXFF Champion Author Greensboro Posts:3,068 Points:1,080,380 Joined:Sep 2009	Message Posted: Jun 8, 2012 7:55:53 PM Ignore OOXXFF Report Abuse Complicated.
min_fuel Champion Author Philadelphia Posts:1,956 Points:722,545 Joined:Jan 2008	Message Posted: Jun 8, 2012 7:53:26 PM Ignore min_fuel Report Abuse 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 Posts:2,351 Points:1,241,300 Joined:Apr 2008	Message Posted: Jun 8, 2012 7:52:20 PM Ignore grandamgt1 Report Abuse Tax credits like this create false economies.
suzmar Champion Author Texas Posts:2,212 Points:873,340 Joined:Jun 2006	Message Posted: Jun 8, 2012 7:49:25 PM Ignore suzmar Report Abuse Great, the rest of us taxpayers are subsidizing the author of this piece.
adr47 Champion Author Saskatchewan Posts:5,667 Points:1,178,750 Joined:Nov 2008	Message Posted: Jun 8, 2012 7:49:24 PM Ignore adr47 Report Abuse Go Solar
Bubba44612 Champion Author Ohio Posts:7,396 Points:1,877,830 Joined:Aug 2005	Message Posted: Jun 8, 2012 7:43:59 PM Ignore Bubba44612 Report Abuse More tax loopholes for all of us.
RickF350 Champion Author Washington Posts:3,419 Points:705,775 Joined:Apr 2008	Message Posted: Jun 8, 2012 7:43:30 PM Ignore RickF350 Report Abuse I bet he drives a Volt.