The residents of Arizona can take advantage of seven financial incentives for using renewable energy.
1. Green Building Incentive – This is available in Scottsdale and the Town of Buckeye. If you build your home to the green standards given in the Green Home Rating Checklist, you can be eligible for an assortment of benefits. This program was primarily brought into effect to reduce the environmental impact caused by building activities. In Tuscon, there is a Permit Fee Credit for installing solar energy systems.
2. Personal Deduction – This is available for wood stoves which use biomass that converts an existing wood stove into one which meets new standards of performance. There is a limit of $500 maximum deduction for this incentive.
3. Personal Tax Credit – A personal Tax Credit of 25% is available as an incentive for installing solar and wind energy systems in your home. This is subject to an upper limit of $1,000 regardless of the number of devices one has installed.
4. Property Tax Exemption – The Solar Energy Property Tax Exemption in Arizona allows residents to claim 100% of the increased value, after they install a solar energy device that allows them to provide heating and cooling without using the conventional power sources.
5. Sales Tax Exemption – People are 100% exempt from sales tax on a solar power device which is purchased and installed in their residence. You should ensure that the retailer you are buying the solar energy device(s) from is registered with the Arizona Department of Revenue.
6. Utility Loan Program – Arizona Public Service offers a GEOSmart Financing Program for residential solar energy generating systems. There is a provision which helps one get a loan of up to $50,000, at low interest rates of 7.99% to 12.99%, for 10, 15 and 20 year terms. This is to encourage people to finance solar energy technologies in residential areas. Another program by Sulphur Springs Valley Electric Cooperative also offers loans for residential and commercial properties. This is for Wind and Photovoltaics technology energy generating devices. It is a loan amount offered as $2.00 per SunWatt produced, with a limit of 25% of the total cost of the project. The interest rate that that they offer is as low as 3%.
7. Utility Rebate Program – APS offers a Renewable Incentive Program, SRP has an EarthWise Solar Energy policy, Sulphur Springs Valley EC has a SunWatts Rebate Program, TEP has a Renewable Energy Credit Purchase Program, Trico Electric Cooperative has a SunWatts Incentive Program, and UES has a Renewable Energy Credit Purchase Program. For more about these rebate programs you can visit the respective government websites.
Hope this helps keep Arizona Green.
Disclaimer: This article does not constitute a source of a official legal or financial advice. While we attempt to represent all data as accurately as possible, we advice you to refer to official government websites, for the most accurate and up-to-date information.