20 year energy plan or disaster?
Quote"So $8200 for grid tied batteryless system, or $11,500 for battery system, then throw in 30% off entire job cost in for of Fed tax credit.'
I was told today by someone close to the issue that pretty much 50% off everything. Solar or wind. He said they would have to give away 1 million a month to use all the stimulus money. And they don't want to send it back!
I was also told you DO NOT have to use a local vendor. You can buy off island if you prefer and the only catch is that the rebate process is delayed because the process doesn't start until it's installed. As opposed to a local vendor starting the process once they know the serial numbers.
Alan, It is possible to buy off island now, however, it must be installed and signed off by lisc VI electrician, that everything is to code and installed correctly. Only a small portion of the rebate program monies are available for off island purchases, it is a difficult process to say the least. The rebate program is slated for 3 years or until the money runs out.(they want to use ALL of it!) They did as much rebate as they could without conflicting with federal policy. Depending on when you get a system installed you can be waiting for your money for different periods of time. Once you buy a job from local vendor and you get receipt, you have 30 days to submit completed form to VIEO, then they have 60 days to get a check back to customer. Call the energy office for specific details or questions!
Jeff, $7000 is the max rebate you can get for panels here, they surely wont be paying you $3.50/watt if you got a lower pallet price from outside the territory. 30% off the entire system cost (install too) is in the form of Federal Tax Credit. SO if you pay federal taxes and are domiciled in he USVI, you qualify.
The panel rebate is 50% per watt up to $3.50 a watt. So if you are paying $4.00 per watt on the panels, then the rebate the VIEO is giving is $2.00 per watt. If panels are $2.88 per watt, that's $1.44 per watt rebate. The feds will not rebate more then 50% for any item. The MAX they pay is up to $3.50 per watt. Just keep this in mind. There are NO free panels. The rules for buying an off-island system is also very strict. The VIEO has a list of rules that must be followed to qualify. My interest are also in renewables as my business, but I mainly focus on Energy Conservation as the very important first step. Per watt, it is much less money to reduce watts, then it is to produce watts. Many times after we conserve a clients electricity bill, there is no need to go with renewables. As the price for solar continues to fall, however, this may change. Many see panels coming down to the $1.00 per watt range in the not so far distance. Personally, I believe in using local sources for as much products and supplies as possible. ( Maybe because I understand what it means to have a business here.) I just don't use those who gouge me on price as my source. Sure we all have to pay more for products and services then we would on the mainland, but that's the price we pay for living in the area we do. I believe in making a living, not a killing. I can't ship in my food stuffs each week. ALL the grocery stores gouge with prices. If the grocery stores were more energy efficient, then they would not have to charge so much for their products because of their inefficiencies. I have been in biz now going into year 28, 5 of them here. In the states, the typical grocery store makes a net 1-2% profit margin. Doesn't sound like much, but they work on pure volume. Many millions of dollars pass through the stores each month. Small stores work on 5-9% net profit. Now think about this, when the typical grocery store in the VI is paying $65,000 to $85,000 per month for WAPA, ( and they do, unless your Pueblo, then you don't pay for electricity, you steal it) that's $6.5M - $8.5M per month that needs to move off the shelves ( @1%net rule) to pay WAPA. Big bucks!! When WAPA goes up, so do the grocery prices. When WAPA goes down, the prices stay the same at the stores. They are like WAPA clones. Pass the inefficacy prices on to the customer. What a business concept. Anyway, I didn't want to stand on my soapbox, just wanted to make clear the rebates on the panels.
The panel rebate is 50% per watt up to $3.50 a watt. So if you are paying $4.00 per watt on the panels, then the rebate the VIEO is giving is $2.00 per watt. If panels are $2.88 per watt, that's $1.44 per watt rebate. The feds will not rebate more then 50% for any item. The MAX they pay is up to $3.50 per watt. Just keep this in mind. There are NO free panels. The rules for buying an off-island system is also very strict. The VIEO has a list of rules that must be followed to qualify.
This is for off island purchases of complete systems only. When purchasing from on island rebate vendor, it is $7000 panel rebate for a 2k system.
*Off island purchase of major components for complete renewable energy
system must be submitted with valid proof of a
lower purchase cost (including shipping) from verifiable US mainland
businesses to be eligible for a rebate. Resident must first obtain and provide
VIEO two quotes from local approved vendors.
*P/V Electric System
(to include P/V panels, optional
battery bank, inverters, charge
50% of product cost
Rebate amount Maximum - $11,500
**Stipulation-One time purchase of all
components necessary to
generate electricity for a
Maximum 2KW system
(System MUST be installed and
operational within 1 year)
*Rebate offers apply to residents of United States Virgin Islands as stipulated
by Act 7075. Rebate items MUST BE INSTALLED and utilized in the
Territory. The VIEO reserves the right to request proof of residency i.e.,
Income Tax Documents.
Thank You for the link .
is there a limit on the 30% tax credit? if i understand it right. if you buy a $23000 system, you get 11500 back in rebates, and 6900 back in tax credits, so net cost is only 20% of the total price or $4600.
i wish i could benefit from the tax credits, too bad the fed government doesn't make it a grant so people who don't make much money can get the same subsidy to get a system.
No limit on the 30% fed tax credit. A $23000 system is most likely a grid tied system with no batteries, so the VIEO rebate could be up to $8200 max. A grid tied system with batteries has a $11500 max rebate.
$23000 - total cost
- $6900 - fed tax crdit
-$8200 - VIEO rebate
$7900 out of pocket
Details can be found here http://www.vienergy.org/menubar/REBATE%20PROGRAMS%20PKG%20%20final%20oct09.pdf