VerengoSolar Rebates and Incentives for Solar Panels
Utility prices continue to go up and consumers want to find ways to reduce their monthly expenses. One way homeowners can lower their electricity bills is by installing VerengoSolar panels. Solar panels provide electricity for the whole home and offer a way to greatly reduce or even eliminate the need to buy power from the electric company. Residential solar panels are installed on the home’s roof. They are placed to gather the most sunlight. The sun’s rays are a source of energy.

The energy is collected by the panels and converted to electricity that can be used throughout the home. The solar energy system stores converted electricity for future use. Families then have access to power any time they need it, not just when the sun is shining. The sun is able to provide plenty of energy, even in areas where the sun doesn’t shine every day of the year.

If the system doesn’t have enough stored power available when needed, it will automatically switch to power from the electricity company. Homeowners can save thousands of dollars a year when they install a VerengoSolar energy system. To add to the savings, rebates and other incentives are often available. These come from three main sources including federal tax credits, state government incentives, and utility company rebates.

Federal Tax Credits
The federal government has a special program for homeowners who install solar systems in their homes. The program, called the Federal Energy Star Program, offers homeowners a tax credit of 30% of the cost of the system. The program is specifically for those who purchase the system by the end of 2016. Tax credits are applied to tax liability, so the total taxes owed will be reduced. In some cases, the tax credit may be applied to the following year. In order to receive a tax credit, the homeowner must provide a copy of the receipt as well as the manufacturer’s certification statement. This will be provided by VerengoSolar when the installation is complete.

Depreciation
In addition to a tax credit, consumers are able to depreciate their VerengoSolar system using the modified accelerated cost recovery system (MACRS). Depreciation is calculated using an asset depreciation table, allowing for a specific percentage of the cost of the system to be reported for tax purposes. Programs change and some can be complex. It can be beneficial for homeowners to talk to a tax professional to assist in determining which current programs they may qualify for.

State Incentives
There are many various incentive programs available through state and local government agencies. These programs are may be dependent upon federal funding, so they may change or end quickly. Each state has many such programs available to homeowners. For example, in California, there are 104 solar and wind energy incentives, in New York there are 53 programs, and New Jersey currently has three programs in place. Homeowners may want to check with their local and state organizations, as well as with VerengoSolar representatives, to learn which incentive programs are available to them.

Energy Companies
Local power companies supply power to the majority of homeowners in the area. Consumers with VerengoSolar solar panels are often able to take advantage of buy-back programs. These programs are designed to allow homeowners to sell excess power to their local power companies for credit or rebate. Most power companies have such a plan in place. If homeowners create more energy than they need for their personal use, the extra power is supplied back to the energy company for their use. This allows energy companies to utilize an eco-friendly power source to obtain a portion of power for their other customers.