I think Xcel should have given people more than 24 hour notice, they should have given them 2 months notice.
I got an email from REC Solar this morning telling me that the solar rewards rebate the Xcel hands out will lower from $4.50 to $3.50.
I wonder what will happen to the Colorado solar industry as the rebates drop.
I think Xcel should have given people more than 24 hour notice, they should have given them 2 months notice.
The rebate will be lowered from $4.50/DC watt to $3.50/DC watt, resulting in increased solar system pricing.
In order to qualify for the $4.50 rebate amount, we have to submit your application by 11:50pm today, Friday, October 24, 2008.
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6 users responded in this post
that sucks
i just got an estimate yesterday
peach
darn for all you folks - but the new federal rebate that kicks in on Jan will more then make up the difference.
I need to get someone to breakdown the numbers for me on a video interview. I will try to get one of those soon.
There was an article in this Wednesday’s Rocky Mountain News on this topic, but I think it is a bit misleading. In the article, Ritter claims that you can not get the increase rebate (30% of cost upto a cap of $8000) until you file your 2009 taxes. This is only true if you wait to buy your system in 2009 and would mean you would not get the increased rebate until you file your taxes. If you purchased your system in 2008 - yu have to wait to “bring it on-line” as the law stated til January. If you comply with that, you can take the full $8000 in your 2008 taxes.
There are other ways to get that $$ faster. The best way is to increase your deductions at work.
http://www.rockymountainnews.com/news/2008/oct/29/ritter-xcel-at-odds-over-solar-subsidy/
I agree that Xcel should have given more notice, but the good news is that the Federal Tax Credit is 30% UNCAPPED now! So, while the rebate may have dropped (and yes, you have to have a little more money upfront now), it is still a significant savings. Plus - there are other things to consider, such as the price of electricity rising, and the environmental benefits.
Here’s an example:
System Size: 4 kW (provides approximately 5,500 kWh per year)
Estimated Retail Price: $ 33,000
Xcel Rebate:
(4000 watts * $3.50)
-$14,000
Federal Tax Credit: - $9,900
Net Cost: $9,100
Thanks Kelly for outlining that for me.
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