The tax credit is even more generous for solar panels and HVAC systems, or newer technologies like wind energy and fuel cells. You’ll get a 30 percent credit, with no upper limit and including installation, through 2016. “If you live out West, you might consider solar,” local rebates, lease-to-own deals, and monthly payment plans are making the investment more affordable. Residential Solar Systems can cost $15,000 and up to install, depending on your electricity use, but they have low operating costs, so you can recoup your investment in as little as four years if you’re switching from utility electric. Everlast Home Energy Solutions is one company to consult with regarding any type of renewable energy solutions.
For newer technologies, the situation’s a bit different. The payback for wind energy is highly variable—ranging from six to 30 years, Schwab says—and most turbines need a half-acre of land and wind speeds averaging 10 miles an hour or higher to create electricity. (EarthTronics recently introduced one that works at speeds as low as 2 mph, but few have been installed to date.) And not many options exist for the homeowner who wants to install fuel cells to make electricity. But stay tuned on how these technologies evolve—the credit is good for several more years.
Contact Everlast Home Energy Solutions today for a Free Consultation: 800-406-0047. Everlast Home Energy Solutions serves all Southern California Redidential Homeowners.
