Paying Off That New Alternative Energy System for Your Business or Home

One of the most frequent questions I hear at Green Products is, "How do we pay for the new green technology?" It may not be as hard as you think! Let's break it down into some of the incentives offered to you.

The first place to look for incentives is the manufacture. They are a business, and they are influenced by the economic downturn just like everyone else. They need to turn inventory to stay in business and that is why some are offering price reductions and rebates on green products.

The next incentive to look at is the one that began on February 17, 2009 when President Obama signed into law the American Recovery and Re-investment Act of 2009. This new law set aside money in the form of tax credits to offset the cost of installing alternative energy systems and green products.

It works this way: After you install the system, the IRS will allow you to deduct 30% of the total cost of product and installation costs from your next tax bill with no stated limit. This also means you can install multiple units or a combination of energy products. For example, a solar array and a windmill to supply energy to your home or business.

Third - what about your energy cost savings? Spending money on green products during this time may make more sense than you think. With businesses willing to negotiate, tax credits and a reduction in your energy costs, you are putting money in the bank over the long haul. If you plan well, your investment could pay for itself in months, not years.

Finally - does your state provide additional incentives? Many states have an energy buy-back policy in place. The utility pays you for any electricity that is produced in excess of what you used. That is cash in your pocket.

With this in mind everybody wins; you win by saving money and reducing our dependence on foreign oil; the businesses win by producing and selling green products and the economy wins by helping to keep people employed.

Michael

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