Why Solar Makes Economic Sense
Federal Tax Credits: The US Government gives you a 30% federal tax credit for installing PV solar. So for example, if you install a $25,000 solar system, the government will give you $7,500 in tax credits. Tax credits are great at the end of the year if you owe the gov., because it eliminates dollar for dollar on what you owe. Most businesses are very familiar with tax credits. The tax credit can be used for up to 5 years, or in the first year if you need all of it then. This is good till the end of 2016.
Accelerated Depreciation: If your a business then depreciation is key. Your entire investment can be written off through accelerated depreciation. Accelerated depreciation allows you to write off 20% each year for five years. Just like writing of that farm equipment or new company rig, solar works the same.
Oregon Energy Trust Solar Incentive: Solar Surfers, LLC is an Oregon Energy Trust Trade Ally. Which means that we can get paid from Pacific Power 70 cents per watt for residential systems and 90 cents per watt for comercial systems. This allows us to reduce the cost of your system by these amounts which signicanltly reduces the cost of your system.
U.S.D.A. REAP Grant: This grant is for businesses. If your a farmer, rancher, retail store owner, etc. you probably qualify for this grant. Generally, if your power bill is in your companies name and the company is the one using the power, then you qualify. This grant is a competitive grant, so you are not guaranteed the grant money. However, your chances of getting the money are very good for the next few years. The US gov. has committed $100 million to this program for the next few years. So, now is the time to get in on this. This grant pays for 25% of your project cost. So for example, a $25,000 system would get you a $6,250 grant.
The RED Grant: This grant comes from Oregon's Department of Energy. It can cover up to 35% of the cost of a system, but not to exceed 75% of a system when combined. So for example, if your system cost $25,000 then you could get up to $8,750. However, if your federal tax credit is $7,500, and your USDA grant is $6,250 then you could only qualify for another $5,000, because all of these combined are 75% of the cost of the system. This grant is more competitive.
Oregon Tax Credits: Tax credit is based on $1.70 per watt of installed capacity (DC) up to $6,000 per residence taken over four years ($1,500 per year) limited to 50 percent of the cost of the system.. They can also be sold for 90 cents on the dollar to someone else.
O.W.E.B. GRANTS: These are fantastic if your a rancher who needs to get water to his cattle. There is a small grant and a large grant. The small grants can be up to $10,000 and the large grants can be up to $100,000. These grants are used for covering 75% of the cost of a solar water pumping system for livestock. If you don't have power right now to a well that could be used for watering your livestock, or your using diesel generators, then this is what you want.