(Closed) Solar panels – do you have them?

posted 6 years ago in Home
Post # 3
Member
7311 posts
Busy Beekeeper
  • Wedding: October 2011 - Bed & Breakfast

We don’t yet, but adding solar panels and windmills to our house before the substantial US tax credit expires in 2014 is on our agenda. Right now we are consulting with a few different firms to get quotes on a geothermal heating and air conditioning system installed in our home. It’s very exciting. 🙂

Post # 4
Member
6355 posts
Bee Keeper

No (living in an apt right now) but I do want them on my future house 🙂

Post # 6
Member
886 posts
Busy bee
  • Wedding: November 1999

@lovekiss:  How do all the tax credits work? Do they expire at the end of 2014? We just upgraded our older home’s attic insulation, and we’re also installing a better insulated front door. But I was told we could only get one tax credit for all the work combined. Does that mean if we were to upgrade to solar paneling, we’ve used up our tax credit already? Or is there special solar panel tax credits? Our neighbor actually works for some environmental firm, and has installed solar panels, and I’m wondering if I could get in on that action too!

Post # 7
Member
7311 posts
Busy Beekeeper
  • Wedding: October 2011 - Bed & Breakfast

@pfinarffle:  There is a federal tax credit available worth 30% of your total expenses for installing geothermal hvac, a solar panel system, and/or a wind power system. They are not mutually exclusive, and you don’t have to wait until the end of the calendar year to get the money. We are working with geothermal companies who will fill out all of the paperwork for us, so I’m not totally in the know on the procedure. But if we install geothermal in April, then we can file for 30% of our total geothermal expenses. Then if we install solar panels in August we can file again for 30% of that expense. But this only lasts through 2016 (I was wrong earlier about the 2014 date), and then it’s gone unless Congress writes new legislation to extend and fund the program. http://www.energystar.gov/index.cfm?c=tax_credits.tx_index

There’s also a State program here in Maryland that gives a flat $1000 reimbursement for installing geothermal, solar, or wind systems. So your state may offer some nice incentives, too.

And the energy companies in Maryland give a flat $500 rebate for installing any of those. So again, check there for another source of money to sweeten the pot.

Some installers will only make you pay the post-incentive price upfront, then file everything for you and keep the money for themselves on the back end. Others will make you pay the full amount upfront, do the install, secure the proper inspections (necessary for getting the incentives), and then help you do all of the paperwork for the incentives. Then you keep the incentive money on the back end. The installers that we are getting bids from all require the full amount upfront. It looks to be about $32k for our geothermal system, but then we’ll get $9600 from the Fed, $1k from the State, and $500 from the energy company. So, in the end we’ll only pay $20,900, and our electric bill will descrease by 35-40%.

Post # 8
Member
886 posts
Busy bee
  • Wedding: November 1999

@lovekiss:  Thanks for the helpful info! Didn’t know the rebates extended to the state and even manufacturer levels. I’m not sure we’re going to be good candidates for solar after all. Your house should ideally have a roof surface that faces south, which ours doesn’t. Plus there are lots of of large, old growth trees that shade our roof. But others should definitely consider these options!

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