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Mike Steigerwald
www.SolarEWorld.com
866-856-4580
Seminar Highlights:
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You never have to pay high prices for utility companies again.
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And you can get paid for selling energy back to utility company.
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The extra power you generate that you don't use, you are given a credit on your bill from the power company.
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Solar uses heat from the sun to heat your water.
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Solar heat can eliminate about 90% of your current hot water bill.
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What makes a home good for solar? (you can look at Google maps).
You need a southern facing roof.
You need to be receiving sunlight, so night blocked by trees.
Hot water solar can use indirect sunlight but not solar photovoltaic.
You can also put solar panels on pole mounts.
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You have to fail and today it is easy and cheap to fail.
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A few years ago before these incentives the pay back was 40 years, you can pay $40,000 on a system and maybe save only $800-$1,000 a year in utility bills.
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Current incentives for installing solar.
Solar Incentives:
30% credit (this is not a deduction), if you owe $20,000 in taxes and get a $10,000 tax credit now you only own $10,000.
This is most likely to dry up.
Virginia has dried up at this time.
Maryland pays 50 cents per watt in the form of a grant, it can be about $2,000.
In DC it's better, you would get about $11,000 on a typical system when MD would only give you $2,000.
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County Property Tax Credits.
In certain counties like Montgomery, Howard and Prince Georges, they have a $5,000 property tax credit (this is $5,000 off your taxes and if you pay less than $5,000 it rolls over to next year)
For A Basic System Costing
$34,000
30% Federal Tax Credit
$10,400
Property Tax Credit
5,000
Energy Savings $1,000 per year off electric bill
Energy Credits $1,800 per year in solar energy credits
There is a law in Maryland that says 20% of all power produced in Maryland by the year 2022 must be in renewable energy. Right now it is less than 1%. Maryland utility companies will buy you clean energy instead of paying a fine for not having clean power. That is how you can make an extra $1,800 per year from your solar system.
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You are making an average of $2,800 per year and will be able to pay back your $14,600 of cost in about 5 years.
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You can finance everything for about $1,000 down, and use your yearly savings to pay back your loan.
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If you get a 10-year loan you will make extra money every month even after making your monthly loan payments.
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Typically you can get about 50% of the price of your solar system back in the price of the house when you sell (that is in addition to incentives and payback when you are using the system).
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Incentive programs keep changing so be sure to look for updated incentive information.
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