3 Solar Financing Options Most Americans Don’t Know About
Most people agree that in the long run, renewable energy is more affordable, secure, and better for the environment than any of the fossil fuels used to create power today.
For individuals and families, making the switch to renewable energy like solar, wind, or geothermal can have an immediate impact on the amount of money is costs to heat, cool and power a home, not to mention a significant increase in home value.
The catch? Until renewable energy is more widely adopted and connected via a nationwide smart grid, the upfront costs for installation and maintenance prevent most people from enjoying the benefits.
The good news is that there are a lot of options for solar financing available from both public and private agencies, you just have to know where to look.
Here are just three of the available government incentives for home solar systems in the U.S. Many were new to me, which ones are you surprised to see?
Th DOE program provides financial and technical assistance to tribes to evaluate and develop their renewable energy resources and reduce their energy consumption through efficiency and weatherization. The program also offers education and training opportunities to help build the knowledge and skills essential for sustainable energy projects.
The Rural Energy For America Program Grants/Renewable Energy Systems/Energy Efficiency Improvement Program (REAP/RES/EEI) provides grants for energy audits and renewable energy development assistance. It also provides funds to agricultural producers and rural small businesses to purchase and install renewable energy systems and make energy efficiency improvements. The grants are awarded on a competitive basis and can be up to 25 percent of total eligible project costs.
Consumers who install solar energy systems (including solar water heating and solar electric systems), small wind systems, geothermal heat pumps, and residential fuel cell and microturbine systems can receive a 30 percent tax credit for systems placed in service before December 31, 2016.
Image Credit: Flickr – joncallas