One of the great things about living in Arizona is the inexpensive heating cost in the winter. Having family who grew up in New England, I know they routinely spent over $600 a month in heating costs. This isn't something we need worry about in the Phoenix area. However, during the summer when temps can reach 110+ our cooling costs can cause our wallet a bit of pain. Fortunately, there is something we can do about this. The same sun that heats up our house and our pool and makes it necessary to park in whatever shade we can find, can also be used to reduce our energy bills.
Solar energy is a pretty hot topic right now and in Arizona we have a perfect environment to take advantage of our state logo. Okay, maybe it's not the official logo, but we are in the valley of the sun, our basketball team is the Suns and it's on our state flag. While an investment in solar can be a substantial upfront investment, there are a number of programs and opportunities to make it much more affordable and accessible
First, there are a number of rebates and tax credits available through the Power Company as well as the state and federal government. For example, the federal government has a tax credit of 30 percent of the cost of a solar electric panel or water heater . . . with no cap. The state of Arizona has a 25 percent tax credit for solar energy installations with a cap of $1,000. It's worth noting that these are tax credits and not deductions, so you most likely will see all of the money, not just something to reduce your taxable income.
Read more about "Going Solar," at MyPhoenixmls.com blog.
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