Energy is playing a big part in the Obama Economic Stimulus package and Solar makes even more sense today. Federal tax credits have been increased to 30% of the total cost of the solar installation.
The state of Delaware has been a leader in providing incentives to consumers who implement energy efficient systems. To date, Delmarva Power customers, for example, have been able to receive a grant for 50% of the total cost of a residential solar installation. Then, the Federal tax credit of 30% was applied to the balance. With this stimulus package, the federal tax credit of 30% now applies to the total cost of the system. Of course, the rumor is that Delmarva Power plans to reduce their grant to 30% of the total cost since the tax credit has been increased and extended.If you have been thinking about having solar installed on your home, now is absolutely the time to take action. From what we know, you need to be under contract by the end of February 2009 in order to receive the current 50% grant from Delmarva Power AND the new 30% Federal Tax Credit applied to the total cost. That would translate into a net cost to you of $5,000 for a $25,000 solar system! Do not hesitate. Call us today to get more information. Before the Stimulus package, your net cost would have been $8750; after March 1st, your estimated net cost will be $10,000. All of this depends on where you live, your electric provider and the specific grant program that applies and more.