Federal Tax Credit for Solar Energy TurboTax Tax Tip Tutorial
Hello, I'm Jeremy from TurboTax with important news on how you can reduce your tax bill and protect the environment at the same time. Have you installed solar powered equipment in your home this year Or are you considering it If so, the federal government will reward your environmentally conscious home improvements with a tax credit equal to 30 percent of your purchase and installation costs. There is no maximum on the amount of credit you can claim. Essentially, the credit works like this. If you spend 10000 dollars to buy and install solar panels on your roof,.
Your credit will equal 3000 dollars. If at the end of the year, you owe 5000 dollars in taxes, the credit reduces your tax liability to 2000 dollars. If you haven't purchased the solar powered equipment yet, don't worry. You have until 2016 to do so. There is, however, one notable limitation to the credit. It is only available for improvements that you make to your main home which is generally your principle residence where you live for most of the year. You can also increase your tax savings by claiming similar credits for energy efficiency improvements.
New year not bright for solar energy users
Some may have new years resolutions to slim down or eat more greens. But homeowners who want to trim their electric bills by going green are starting off the new year with some uncertainty. KITV 4's Paul Drewes explains. The new year may not all that bright for solar energy in Hawaii. Installations for 2014 were down by 50 from the year before. Then there is the proposed sale of Hawaiian Electric to Nextera. 554 there is a lot of concern, and questions because this utility has been opposed to allowing.
People to put in their own solar and had made it more expensive Nextera's president has publicly stated the company is not in favor of rebates for residential solar, but tax credits are a big draw for homeowners because of the big savings. graphic Currently there is a 30 federal tax credit. There is also a $5,000 tax credit for each 5kW system from the state. Local lawmakers say right now, that credit is staying put. mike 1222 the solar tax credit is still in place, I don't plan on introducing.
Anything that would affect that solar tax credit The federal tax credit could come to an end after 2016. While there had been talk of limiting the local tax credit Gabbard said that wouldn't happen for years. 1913 i've continued to be in contact with the solar industry and all the other stakeholders and people seem to be satisfied with where it is right now. Right now, Nearly 5,000 homeowners are still waiting to connect their solar setup to the energy grid. 2015 could have some bright spots. A mainland study, paid for.
By HECO and solar installers, is looking at how residential solar can continue to expand in Hawaii those results are due at the end of the month 216 we want to ensure people can continue to install solar because it is the only way people can save on their electric bills Lee also plans to introduce legislation this session that will allow condo and apartment users to buy into community solar projects even though the panels would be installed on someone else's roof. 302 we've seen 100s of people who.
Hawaiian Electric Participants get 80 percent of solar savings annually
Without the panels on your roof! Hawaiian Electric is proposing a pilot project for community solar, but it might not be for everyone. KITV4's Andrew Pereira has the new information. Andrew Yunji, Mike. the program would allow renters and homeowners to offset some of the cost of their electric bills. But to become a participant you would have to law down some cash. No roof of your own No problem. You still have a shot at going solar. PETER ROSEGG COMMUNITY SOLAR IS FOR PEOPLE WHO MIGHT WANT TO GET THE BENEFITS OF.
SOLAR, BUT DON'T HAVE A ROOF TO PUT SOLAR PANELS ON. PEOPLE LIKE RENTERS FOR EXAMPLE, OR SOME PEOPLE WHO LIVE IN MULTIFAMILY HOUSING. FOR WHATEVER REASON THEY CAN'T DO THE CONVENTIONAL SOLAR, BUT THEY WANT TO GET A CHANCE TO GET SOME BENEFITS. HECO's community solar pilot project is currently before the Public Utilities Commission. If the PUC gives the go ahead, 50 HECO customers will be allowed to participate. Anyone with an electric bill can buy into a community solar plan based on how much energy they use. PETER ROSEGG.
WE'RE GUARANTEEING THAT WHATEVER THE ANNUAL SAVINGS FOR THAT YEAR WOULD BE, WE'LL GUARANTEE 80 PERCENT OF IT. FOR A TYPICAL HOMEOWNER WHO GETS INTO THE FULL PACKAGE THAT WE'RE DOING IN THE PILOT, THEY WOULD GET A 45 PERCENT REDUCTION ON THEIR ELECTRIC BILL AT PRESENT RATES. An average customer wanting the greatest solar share would pay $5,711 plus a 200 dollar enrollment fee. Savings would then last for 16 andahalf years. But with that much in upfront costs, we asked Revolusun if a homeowner with an available roof would be better off.
Financing a system on their own COLIN YOST IT REALLY DEPENDS ON THE TYPE OF PANEL, BUT I MEAN AFTER TAX CREDITS RIGHT NOW, IT'D BE LESS EXPENSIVE I THINK. PETER ROSEGG EVERYBODY HAS TO LOOK AT THEIR OWN HOME FINANCES AND SEE WHETHER PAYING OFF A LOAN OVER THAT PERIOD OF TIME, WHAT THE LOAN COSTS WOULD BE. EVERYBODY'S DIFFERENT, WE'RE NOT SUGGESTING TO ANYBODY THAT THIS IS BETTER OR WORSE THAN THAT. HECO will draw 260 kilowatts of energy from existing solar facilities at Campbell Industrial Park and Waiau for.
The pilot project. Participants can quit at any time and if they move, the program moves with them. COLIN YOST THAT'S THE BEST THING ABOUT COMMUNITY SOLAR IS THAT IT MAY OPEN ACCESS TO PEOPLE LIVING IN CONDOMINIUMS, PEOPLE THAT DON'T HAVE THEIR OWN ACCESS TO ROOFTOP SOLAR ENERGY HITTING THEIR HOUSE EVERYDAY. Under the proposal, participants could purchase solar shares in 25, 50, 75 and 100 percent increments. HECO says it's not making a profit on the program. If the PUC approves the pilot project, HECO will then issue guidelines on how.
Waipio solar farms could become a reality
The state Land Use Commission today approved will be one of the largest solar farms in the state. KITV's Catherine Cruz shows us. The main landscapers in this project will be sheep! Solar and sheepit is the new reality on a Kauai farm and looks like it's coming soon to Central Oahu. The panelfriendly 'lambscapers' could soon materialize in Waipio under a plan by developer Sun Edison. WREN 4049 4101 What we are trying to do is come up with a way to use the land productively for solar energy and.
Agricultrue. It is in cattle pasture now and we are just going to be converting it to sheep, 300 acres of land just inland of the freeway will likely be covered by 200 thousand PV panels. There's been no opposition to the plan, and state and city agencies have so far not found any adverse impacts to the surrounding ag users. It is estimated to be about a half mile from the nearest residential neighborhood of Mililani Mauka. The company says it has the support of two neighborhood boards. Jennifer Lim 1902 19.
14 Numerous meetings had been held with commnity groups and lawmakers just to make sure the public participation was thorough, because frankly no one wants a surprise, Rodney Funakoshi State Planning Office 33 03 3424 We do have statewide concerns in maintaining the availability of high quality agricultural lands while promoting renewable resources on lands within the agricultural district 3317 The lands, as noted by the petitioner the lands here are very good quality soils, The state planning office had conditions for the LUC members conditions.
Including getting the nod from the State Historic Preservation office. An assurance no cultural sites will be disturbed. Again, no objections. Sun Edison intends to partner with Tin roof ranch a North Shore sheep farm to keep the land in ag use offering a land lease at half the going rate of $25 an acre. Jennifer Lim 10 33 In this case, we are inclined to have a longterm lease or a series because we have to keep the land available, the only concern is making sure we.
Becoming an Net Energy Metering NEM Customer
WITH MORE THAN 260 DAYS OF SUNSHINE A YEAR, IT'S NOT SURPRISING THAT SOUTHERN CALIFORNIA IS ONE OF THE BEST PLACES FOR SOLAR ENERGY. BUT WHAT DO YOU NEED TO KNOW TO INSTALL A SOLAR PHOTOVOLTAIC, OR PV, SYSTEM AT YOUR HOME HOW MUCH CAN YOU EXPECT TO SAVE AND HOW WILL YOU BE BILLED FOR THE ENERGY YOU USE OVER THE NEXT FEW MINUTES, YOU'LL GET THE ANSWERS TO THOSE QUESTIONS AND MORE. BEFORE USING THE SUN'S ENERGY, MAKE SURE YOU'RE SAVING AS MUCH ENERGY AS POSSIBLE. OUR HOME ENERGY EFFICIENCY SURVEY CAN SHOW YOU.
WHERE YOU'RE USING ENERGY AND WAYS YOU CAN SAVE. OR SIGN UP WITH MY ACCOUNT, SDGE'S FREE ONLINE ACCOUNT MANAGEMENT SERVICE, TO ACCESS ENERGY CHARTS AND VIEW YOUR ELECTRICITY USE BY THE HOUR. UNDERSTANDING THIS WILL HELP YOU BETTER ESTIMATE THE BILL SAVINGS YOU CAN EXPECT ACHIEVE FROM SOLAR. ALSO, BY MAKING YOUR HOME AS ENERGY EFFICIENT AS POSSIBLE, YOU'LL BE ABLE TO OPTIMIZE THE SIZE OF YOUR SOLAR PV SYSTEM AND REALIZE A FASTER RETURN ON INVESTMENT. AFTER YOU'VE INCREASED THE ENERGY EFFICIENCY OF YOUR HOME, YOU'LL NEED TO FIND A CONTRACTOR TO INSTALL YOUR SOLAR SYSTEM.
FOR MORE INFORMATION ON CHOOSING A CONTRACTOR, CHECK WITH YOUR LOCAL BETTER BUSINESS BUREAU, THE STATE LICENSING BOARD, OR VISIT GOSOLARCALIFORNIA.ORG. PRICES VARY GREATLY, SO IT PAYS TO SHOP AROUND, GET SEVERAL ESTIMATES, AND CHECK CONTRACTOR REFERRALS. BASED ON THE TYPE OF SYSTEM AND HOW MUCH ENERGY YOU PRODUCE, THERE MAY BE INCENTIVES AVAILABLE TO HELP YOU GO SOLAR, LIKE THOSE OFFERED THROUGH THE CALIFORNIA SOLAR INITIATIVE, AS WELL AS FEDERAL TAX CREDITS OF UP TO 30. NET ENERGY METERING IS SDGE'S PROGRAM FOR CUSTOMERS WITH SOLAR ELECTRIC OR WIND GENERATING ENERGY SYSTEMS.
BECOMING A NET METERING CUSTOMER IS EASY. YOU OR YOUR CONTRACTOR JUST NEED TO FOLLOW THESE FEW SIMPLE STEPS. FIRST, GET AN ELECTRIC CLEARANCE PERMIT FROM THE CITY OR COUNTY. NEXT, SUBMIT AN APPLICATION TO SDGE AT LEAST TWO WEEKS BEFORE THE CITY OR COUNTY INSPECTION IS RELEASED. YOU CAN DO THIS ONLINE AT SDGE.COMNEM. NEXT, SDGE WILL CONTACT YOU BY EMAIL AND YOU'LL BE ABLE TO MONITOR THE PROGRESS OF YOUR INSPECTION. FINALLY, AFTER YOUR INSTALLATION IS APPROVED, SDGE WILL MAKE SURE YOU HAVE THE APPROPRIATE METER AND WILL CHANGE OUT YOUR CURRENT METER IF NECESSARY.
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