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Changes to the Solar Business that may effect homeowners

For those homeowners thinking of investing in a solar water heater or photo-voltaic system (electrical production) at their home there is good news. The Federal government has extended the existing tax credit for another 8 years. The tax credit is 30% of the investment up to a maximum of $2000 for solar water  heaters and no maximum for PV systems.

The State of Virginia is considering legislation which may result, as early as May, in a State Tax credit. Additionally, some solar systems may qualify for SREX’s which are solar renewal energy credits. SREX’s are sold to utility companies via 3rd party aggregaters much like carbon credits. These could be worth as much as $900 per year for a typical solar heating appliance at your home.

So, an investment in $7000-$8000 in a solar water heater could return money to the homeowner in four ways:

1. Federal Tax credit

2. Reduced utility bills

3. State Tax credit

4. SREX annual income (with an installation of a BTU meter)

for more information watch the video of Governor Tim Kaine when he appeared at the headquarters of Solar Services, Inc in Virginia Beach. Welcome to Solar Services

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