Denver, CO (PRWEB) October 23, 2010
Colorado homeowners looking to “green” electrical usage with the installation of solar power can save over half the cost of a photovoltaic system through a combination of generous federal tax credits and qualified rebates from utility companies like Xcel Energy.
“The incentives for going green are mind-boggling through federal legislation and energy policies, not to mention the energy savings available every month on an electrical bill,” says Gary Stone, founder of Denver-based Allstar Electrical Services, which provides a full range of licensed residential and commercial electrician services throughout metro Denver, including the installation of solar power systems. “There has never been a better time to go solar.”
Under the Residential Solar Investment Tax Credit (IR Code §25D), homeowners owners can claim a 30% federal tax credit – not a deduction, a straight credit to the tax bill – for the installation of an electricity-generating photovoltaic (PV) system, with no limit on the credit, through December 31, 2016. The bill removed a $2,000 tax credit cap on qualified solar electric property expenditures, and moreover it allows individual taxpayers to use the credit to offset Alternative Minimum Tax liability and to carry unused credits forward to the next succeeding taxable year. Homeowners wishing to install solar water heating systems are limited to a $2,000 monetary cap, and the solar hot water credit doesn’t apply for heating water to be used for swimming pools and hot tub spas.
Photovoltaic systems also qualify for state-mandated rebates from Xcel Energy and other electric utilities, says Stone, in a complicated formula calculated by the size of the system and the kilowatt hours of energy generated.
“In a typical residential photovoltaic system of 3,000 watts, generating 360kWh per month, and costing $25,000 to purchase and install, the federal tax rebate will save the homeowner $7,500 in tax liability and the Xcel rebate can be as much as another $13,000,” says Stone. “That means the homeowner’s out-of-pocket expense could be less than $5,000, a savings of 80% off the initial cost. Plus the savings will continue with lower electric bills and even an electric meter that spins backward.”
Allstar Electrical Services, founded in 1998, has been installing qualifying PV systems for homes and commercial properties for the last 10 years, and Stone adds that federal tax credits and utility company rebates also apply to commercial applications. The company is well-versed in all qualifications and certifications required to claim the tax credits and rebates and supplies customers with a complete set of documents to fully take advantage of the incentives. The PV systems installed by Allstar Electrical Services come with a guarantee of 20 years on the power output.
“We have many customers who just have a green sensibility and want to lower their carbon footprint,” says Stone. “But many others are attracted by the huge tax and rebate incentives and the ability to save on electrical costs for years to come. We call it the ‘green on green’ environment: ecological and economical.”
Allstar Electrical Services performs electrical construction and repair, including remodeling and retrofit electrical service for homeowners, commercial clients and property management companies. Utilizing only licensed electricians, the company offers everything from small repair services and electrical maintenance, to rewiring and expanding electrical capacity and complete turn-key electrical service for new construction.
For more information on the wide array of electrical services offered through Allstar Electrical Services, including the installation of energy-saving photovoltaic systems, visit http://www.allstarelectrical.com and call 303-399-7420.
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