Get Solar Power Tax Credits

Lets Assume the homeowner adds the option of a $4,300.00 solar hot water system to a new home.

A conventional hot water tank would cost between $300.00 or $600.00 per installation for new construction.

This means that a minimum of $4,000.00 is the upgrade option for solar water heating systems with an 80-gallon solar tank with an electric element for cloudy days.

The federal tax rebate or credit off taxes owed is 30% of the $4,300.00 solar option or $1,290.00. Assume a 3% down payment of $120.00 and interest rate of 6% over a thirty-year period.

The spreadsheet below in the 35% income tax bracket for the itemized deduction, the utility savings are based on current natural gas prices for 4 people, or electricity or LP gas for 3 people with a 2% increase per year. Below is the first five-year spreadsheet of a thirty year mortgage.First Year Cash Flow

$1,290 Federal Tax Rebate

+ 385 Utility Savings

+ 80 Tax Deduction on loan

- 120 Down payment on Loan

- 279 Yearly Loan Payment

$1,354 Net Profit

+ 450

GRU Rebate - NOTE: The $450.00 rebate is available to builders

=$1,704 Net Profit

BEING ENVIRONMENTALLY RESPONSIBLE JUST BECAME VERY PROFITABLE

GRU CUSTOMERS GET $350 TO $450 IN GRANTS PER SOLAR SYSTEM

Keep in mind that the first year cash flow of $1,356.00 to someone in the 35% tax bracket is worth $2,078.00 in earned income.

This may be a bit confusing but for someone that does not have this $1,356.00 savings would have to earn $ 2,078.00 and pay Uncle Sam $722.00 in taxes to have $1,356.00 in disposable income.

The home equity value to a solar hot water system as of 2005 typically increases the resale value of the home by $4,000.00. All ECS Solar Energy Systems components are 100% warranted for a period of five years.

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