Michigan Solar Rebates / Incentives
March 5th 2009 - DTE proposed to pay between 45% - 50% of the cost of your solar electric system. The check would be received approximately one month after an electrical inspector approved the system. Contact Us for more information.
February 26th 2009 - Consumers Energy proposed to the Michigan Public Security Commission a program where they will sign twelve year contracts with consumers as the energy producer. The solar electric power is generated from the consumer's array. In 2009, they will pay 65 cents a kHz in 2009 and 52.5 cents a kHz in 2010 and thereafter.
Paying for your photovoltaic system is quite economical with utility rebates, federal tax credits and plentiful financing options. However, most rebates decline over time. Right now the PV system is affordable for everyone. Reserve your incentive today! Let's look at some rough math for example:
- $24,000 gross system cost for a typical 3kw system
- $11,040 cash rebate from the Utility incentive program
- $3,880 federal tax credit (not a deduction, a real tax credit!)
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- $9,080 Net Cost - a 55%+ savings!
** Gross system costs and utility rebate programs vary. Contact Us to find out your eligibility.
Helpful Links:
- Download tax information http://www.irs.gov/pub/irs-pdf/f5695.pdf
- Link to more state rebate information http://www.dsireusa.org/
- Link to more state information http://www.michigan.gov/dleg
- Federal tax incentives
- Local tax incentives database
- PV Watts solar calculator
- U.S. Dept. of Energy Solar Energy Technologies Program
- Get Your Power From the Sun: A Consumer's Guide
- Solar Living Institute
- Midwest Renewable Energy Association
Disclaimer: You should confirm the availability of the incentives and consult your tax advisor about the financial benefits you may be eligible for.
Farmers and rural small business can receive a 25% federal grant plus 25% low interest loans to fund wind and solar power systems. Add this to the 30% Federal Tax Credit and you get a total of 55% of it paid for you.
The Federal Tax Credit
The Federal Tax Credit is a reduction in the overall tax liability for individuals or businesses that make investments in a variety of pre-determined areas. For solar-electric and solar water heating residential property expenditures, the credit is 30% of the cost. The Investment Tax Credit (ITC) would be realized when you file your tax returns.