Install solar, geothermal and get tax...

Install solar, geothermal and get tax credits

There are 13 comments on the Evening Sun story from Feb 5, 2011, titled Install solar, geothermal and get tax credits. In it, Evening Sun reports that:

A mortgage that lowers your interest, your utility bill and the government gives you money back too? I just read an article that stated an alarming stat: FHA has changed rules more in the past two years than in the past two decades.

Join the discussion below, or Read more at Evening Sun.

Disgusted

Waynesboro, PA

#1 Feb 6, 2011
My taxes and the taxes of millions of other Americans are paying for this scam. It's obscene, Carl, that you would be celebrating taking advantage of others hard earned money to make your financial situation a bit more improved.

Solar panels prices are so high that there is no way that they can compete with other abundant sources of energy. This disgusting gambit from the global warming lunatics should have every decent American up in arms.

Shame on you Carl.
Michelle

Gettysburg, PA

#2 Feb 6, 2011
Geothermal is better for cooling than heating in northern climates. You may spend more if it's not sized properly, and if your home isn't well insulated.
Ms Beasley

Washington, DC

#3 Feb 7, 2011
I'd rather the USA spend my tax dollars on U.S. citizens. Guess how much money we send to EGYPT yearly - that would be 1.5 billion. Who do you think pockets THAT money?

Since: Jun 09

Location hidden

#4 Feb 7, 2011
I checked into solar panels for my home a couple of years ago, and even with the laughable tax credit, it would take me almost 20 years to break even with the $18,000 cost. What a joke!
Michelle

Gettysburg, PA

#5 Feb 7, 2011
Jonah, if you were in PA, you could receive nearly 50% of your costs as a rebate. Every megawatt of power you produced in one year can be sold as well - current costs are about $200 per renewable energy credit. In one year, you could possibly bring in around 7 MW of power, for a payment of $1400.00 per year. It could bring more.

I would imagine that you might not have included the increased cost of electricity per year. PPL had an increase of about 10% last year, MetEd has increased their rates this year.

Under this scenario, if your $18,000 outlay covered all your expected energy use for the year, your project would pay for itself in about 8 years or less.

Effectively, you would be locking in your electricity costs now for the life of your home.

What is your ROI on your hot water heater? Your fridge? TV? These use electricity, provide some benefit, but ROI is never a term one uses for those appliances.
Michelle

Gettysburg, PA

#6 Feb 7, 2011
What I meant to say was that during the summer of 2009, you could received nearly 50% of your outlay as tax credits or rebates.

The state portion of rebates has pretty much ended. The federal credits still remain.

You could take out a home improvement loan, deduct the mortgage interest, use the electricity bill payment to pay down the mortgage. A talk with your accountant would allow you to project how much withholding you should have for the next year given the credits. Use those to pay down your mortgage as well. When the PA rebate was large, that could also be kicked into the pot.

An $18,000 mortgage at 5% is $118 per month, for 20 years. You'll pay it off sooner than that.

Since: Jun 09

Location hidden

#7 Feb 7, 2011
Michelle wrote:
The state portion of rebates has pretty much ended. The federal credits still remain.
Which makes your whole argument moot.
Disgusted

Waynesboro, PA

#8 Feb 7, 2011
If the Obamacare paradigm were applied to solar panels then all those households with them should be force to pay more for electricity and those funds then made available to all those unfortunate unsolarpaneled homeowners to help remedy their right to be kept warm.
Curious

Lancaster, PA

#9 Feb 7, 2011
Disgusted wrote:
If the Obamacare paradigm were applied to solar panels then all those households with them should be force to pay more for electricity and those funds then made available to all those unfortunate unsolarpaneled homeowners to help remedy their right to be kept warm.
ALL Property owners are already being forced to pay school tax to educate other people's children. Do you have a problem with that? I would gladly give up my opportunity to take advantage of solar and geothermal tax credits if I can quit paying school taxes.
Disgusted

Waynesboro, PA

#10 Feb 8, 2011
Curious wrote:
<quoted text>
ALL Property owners are already being forced to pay school tax to educate other people's children. Do you have a problem with that? I would gladly give up my opportunity to take advantage of solar and geothermal tax credits if I can quit paying school taxes.
I sure do have a problem with that. Abe Lincoln managed very well without public education and so do thousands of home schooled and private school students.

It's usually always a problem when the government gets involved. Public schools are a financial mess and their performance is less than stellar. It's long past the time to get rid of public funded education.
Michelle

Gettysburg, PA

#11 Feb 8, 2011
Disgusted wrote:
<quoted text>
I sure do have a problem with that. Abe Lincoln managed very well without public education and so do thousands of home schooled and private school students.
It's usually always a problem when the government gets involved. Public schools are a financial mess and their performance is less than stellar. It's long past the time to get rid of public funded education.
So where would your children go to school? How would their knowledge be determined? How would you know if there were any learning problems? How would you address them? What would you teach, and how often? Will you stay home, or will it be your wife?

Easy to say - a LOT HARDER to do.

Abraham Lincoln didn't have the benefits of a good part of the industrial age. The automobile, computers, electricity have all made our world, and the things required to run that world, a different set of skills entirely.
Michelle

Gettysburg, PA

#12 Feb 8, 2011
Jonah Hex wrote:
<quoted text>
Which makes your whole argument moot.
No, 33% of the costs is still pretty darn good. The underlying arguments still remain. The payoff will take an extra 3 or 4 years. The reimbursement is currently 25 cents per watt. A 5 kW system would receive $1,250.00.

The alternative AEPS credits currently range at a average of $260 dollars per MW. In this area, a 10kW system would provide around 14 MW per year, with a yearly revenue of around $3600.00. You would still be reducing your electric bill at that time, with a potential savings of $1400.00. You would obtain $2,500 from the state, and with a cost of $60,000.00 total (rough current estimates), an $18,000 tax credit which carries over into 2016. You would be able to deduct any mortgage interest, at the state level, you would be able to figure sales tax paid on your system, and that is deductable from your federal tax. Essentially, during the first few years, you'd pay little to no income tax, and wouldn't be paying anything for electricity, provided you sized your system for 100% replacement.

The first solar panels developed by Bell Labs are still functioning after 60 years.

How many cars do you buy? How much do you pay for them? How long do they last? How much do they cost in gas and maintenance?

The objective would be to make solar a normal part of building your house, along with reducing what energy you do consume. You can pay it all upfront now, or for the rest of your life.

Since: Jun 09

Location hidden

#13 Feb 8, 2011
Michelle wrote:
<quoted text>
No, 33% of the costs is still pretty darn good. The underlying arguments still remain. The payoff will take an extra 3 or 4 years. The reimbursement is currently 25 cents per watt. A 5 kW system would receive $1,250.00.
The alternative AEPS credits currently range at a average of $260 dollars per MW. In this area, a 10kW system would provide around 14 MW per year, with a yearly revenue of around $3600.00. You would still be reducing your electric bill at that time, with a potential savings of $1400.00. You would obtain $2,500 from the state, and with a cost of $60,000.00 total (rough current estimates), an $18,000 tax credit which carries over into 2016. You would be able to deduct any mortgage interest, at the state level, you would be able to figure sales tax paid on your system, and that is deductable from your federal tax. Essentially, during the first few years, you'd pay little to no income tax, and wouldn't be paying anything for electricity, provided you sized your system for 100% replacement.
The first solar panels developed by Bell Labs are still functioning after 60 years.
How many cars do you buy? How much do you pay for them? How long do they last? How much do they cost in gas and maintenance?
The objective would be to make solar a normal part of building your house, along with reducing what energy you do consume. You can pay it all upfront now, or for the rest of your life.
Get back to me after you figure out how to make that money tree grow out in back yard.

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