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?

1. Tribal Energy Program Grant

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.

2. Rural Energy For America Program Grants

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.

3. Residential Renewable Energy Tax Credit

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.

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Image Credit: Flickr – joncallas

Disclaimer: The views expressed above are solely those of the author and may not reflect those of
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Ana P M.

11:29AM PST on Jan 25, 2012

Good info!

send a green star

James H.

4:07AM PDT on Sep 12, 2011

hell yeah

KrassiAWAY B.

12:31AM PDT on Jul 22, 2011

Noted with interest.

Hugh M.

9:53AM PDT on Jul 16, 2011

great article!

Anastasia F.

3:49PM PDT on Jul 13, 2011

THe tribal and rural options aren't going to work for many, but it's great that they're available.

pete M.

9:42PM PDT on Jul 12, 2011

We cannot provide for a planet with people with unlimited population growth free birth control for everyone.

Kamal P.

9:34PM PDT on Jul 10, 2011

You could spend thousands of dollars (even after tax credits and rebates) to cut your carbon footprint or you could save thousands of dollars, and go vegan! http://www.scientificamerican.com/article.cfm?id=the-greenhouse-hamburger

ryan b.

10:24AM PDT on Jul 8, 2011

Just like our government to tease us with little tax credits when big oil, the banks and the auto industry make billions in profits. You know the government has their wallets padded by these industries. They have to otherwise there would be 100% tax credits given for at least the cost of the equipment and installation.

ana p.

5:34PM PDT on Jul 7, 2011

THANKS!

Jonathan Y.

4:06PM PDT on Jul 5, 2011

There should be 100% tax breaks for installing renewable energy.

That's what jump-started Internet business - no taxes at first.

Renewables badly needs jump-starting. Will create jobs, balance our massive trade defecit and might just save a good portion of the planet.