Solar Power Savings From Electric Company And From Tax Incentives

People want to enjoy solar power savings on their electric bill, but there are other financial benefits associated with installing solar panels. There are plenty of stories that involve individuals generating their own electricity and selling it back to the power company. Residential structures sporting solar panels are not as rare today as they used to be. These devices can easily help people to cut back on the amount of electricity that they need to purchase from grid resources. On the other hand, tax benefits are offered on both the state and federal level to encourage private individuals to install solar panels. These are not limited to residences in the continuous United States either. People that live in the US Virgin Islands can receive extremely low interest loans on solar water heat systems. The amount totals the cost of the system less a 1,000 rebate. The loan can go as high as 3,500. People that want to receive it will not have to put any money down and will enjoy a 1% interest rate. It is paid back on their utility bill. That makes repayment of the loan rather easy. There are also a wide variety of tax incentives in Puerto Rico and other US possessions. Businesses can enjoy solar power savings on their taxes as well. The Federal government offers the Energy-Efficient Commercial Buildings Tax Deduction for businesses that save energy. Some design firms might be interested in the fact that deductions associated with government buildings are generally transferred over to the designer. That means that they can enjoy solar power savings on their on taxes by helping out other individuals reduce their electric bills. One of the key solar energy facts that people discuss is how difficult it is to store solar power for use later on. Electrical utilities have actually looked at using chemical batteries as a solution for handling load-leveling operations on the power grid. These batteries occupy a small footprint. They cause few environmental problems. This class of batteries would cause even fewer problems if charged by solar energy. Solar panels could possibly even be set up at the installation site if need be. However, electrical companies will probably still want to buy solar power from private individuals and small businesses in the mean time. These people will be able to enjoy plenty of solar power savings on their electrical bills while setting themselves up with a useful way of earning money.