Home Solar Energy System: Tax Incentives for Living a Sustainable Life

Using a home solar energy system is a  major step to living ecofriendly and cost effective life. We humans use one-fourth of the earth’s total water in natural circulation, and over half the accessible water.

All the while, population growth and water demand is always increasing.   But, the good news is that solar power can play a major role in helping to curve the problems. 

Not to mention save you some cash in the long run. 

A home solar energy system is a cost effective and environmentally safe method of heating your home’s water.  There are great government inventive programs that are designed to encourage solar energy living.

The residential energy efficient property (REEP) credit is meant for home owners.  There are also tax credits for condominium owners and shareholders in housing cooperatives.  For a solar water heating system to qualify, at least half the energy used to heat water must come from the solar heating system.

According to accounting professor Kenton D. Swift of The University of Montana in Missoula, the REEP credit covers the costs of the system, piping and wiring to connect the system to the home, labor related to preparation, and assembly plus installation. 

According to professor Swift, heating systems used for your swimming pools, hot tubs, or any other storage medium do not qualify for the REEP credit.  Also, the property that the solar hot water heater is being installed on must be inspected by the nonprofit Solar Rating and Certification Corp. or a comparable group endorsed by the state government.

Private businesses can also qualify for solar tax credits or grants.  Qualifying businesses are those that generate their electricity via a home solar energy system, and those that use fiber optics to distribute sunlight.

Main source for article: the academic “Journal of Accountancy”

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