The Federal Government has extended the 30% Investment Tax Credit and starting in 2009, homes will not be capped at $2,000. That means a $20,000 solar system, and this is on top of the California State rebate, will be eligible for a $6,000 Federal Tax Credit!
Previously, only businesses could take advantage of a full 30% Federal ITC without the $2,000 cap that residences were subject to. So, if the California State rebate amounts to close to 20%, and the 30% Federal ITC is added onto that, that's close to a 50% solar system rebate for any California home that has good sun exposure! That $20,000 solar system now costs closer to $10,000!!
Suddenly the return on investment is years less than it used to be, ie; twelve years becomes closer to eight years. That's a big difference! If you were to get a home equity loan for a solar system, the monthly payments would be significantly less.
Thomas Edison once said, "I'd put my money on the sun and solar energy. What a source of power! I hope we don't have to wait until oil and coal run out before we tackle that."
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