Many people and companies want to benefit from solar power because it is free and it is environmentally responsible. A new company, SolarTron Energy Systems is working on a photovoltaic module that can give up to 4kW/hour of electricity at a solar radiation of 1000 w/m2.
This module can be added to their existing solar hot water systems that tracks the sun and creates up to 12kW of solar thermal energy. This energy can be used in the following industries:
- Wineries
- Beverage Companies
- Hotels
- Apartments
- Schools/Universities
- Industry
- Greenhouses
The SolarBeam is an excellent solar power system since it can create solar hot water at the same time. The solar power module can be added to existing SolarBeams in the future. The current release date for the photovoltaic module is mid-2012.
California Solar Power Rebates and Tax Incentives
Depending on where your home or business is located and who your electrical utility provider is, there are many state, local, and utility company rebates available that incentivise the integration of solar power systems. Along with local, state, and federal tax incentives, these rebates significantly reduce the cost of implementing residential and commercial solar power systems.
In California, residential and commercial customers receive solar power rebates through the California Solar Initiative (CSI) program and, through 2016, a 30% federal tax credit. Depending on the cost of the system and other site-specific variables, these incentives can typically cover over 40% of the cost of a commercial or residential solar system.
You can also find rebate programs in over 75% of US States, State corporate tax incentives in 50% of US States, personal tax incentives in 44% of US States, and numerous other incentives throughout the country. For a comprehensive guide to solar power incentives and other renewable energy incentives in your area, go to the Database of State Incentives for Renewables & Efficiency (DSIRE) at http://www.dsireusa.org/
Indiana residential solar energy incentives
Renewable energy property tax exemption
Renewable energy systems that generate power using solar, wind, hydropower or geothermal technologies have a 100% property tax exemption.
This exemption is allowed each year the system is properly functioning.
Residential energy efficiency loan program – South Central Indiana REMC
This loan program provided by South Central Indiana REMC offers a 6% interest loan to residential customers interested in making energy efficiency improvements to their homes.
Loan amounts vary between $2,000 to $10,000
Systems and equipment must meet minimum requirements to qualify.
Customers who wish to apply for a loan must submit an Energy Efficient Loan application form.
There is a $25 processing fee for the application.
Utility rebate programs
Indiana has several utility rebate programs provided by municipal cities and utilities.
The majority of the rebate programs are for water heaters and heat pumps
Details on all the different programs are available online.
Residential renewable energy tax credit
This personal tax credit allows the taxpayer to claim a credit of 30% of expenditures including labor costs and installation of qualified residential solar-electric systems, solar hot water heating systems or fuel cells. Small wind-energy systems and geothermal heat pumps can also be accredited for.
Solar power systems and solar water heaters have a maximum incentive of $2,000 if placed in service before 2009. There is no maximum incentive for systems placed after 2008.
The excess amount of the federal tax credit may be carried forward to the next taxable year if it exceeds tax liability.
This can be carried forward until 2016, but after that, it is unknown if the unused credit will be able to be forwarded.
Residential energy conservation subsidy exclusion
This is a personal exemption of 100% of energy conservation subsidies provided by public utilities.
The value of a purchase or installation of any energy conservation measure by a customer such as solar water heat, solar space heat or photovoltaics will not be included in the customer’s gross income.
Customers of an electric utility company, who participate in the utility’s energy conservation program, may receive a rate reduction of electricity furnished or a nonrefundable credit against the purchase price of the electricity on each monthly electric bill.
Energy-efficient mortgages
This is a federal loan program where homeowners can use EEM (energy-efficient mortgages) to finance renewable energy technologies in a home.
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