Sunlight is free and available in endless supply. As the price of fossil fuels (oil, coal, gas) continues to increase, the economic incentive to switch to renewable energy sources grows stronger. Additionally, more and more people recognize the environmental advantages of switching to non-carbon emitting, renewable energy sources like solar. Governments around the world have introduced various measures to improve solar affordability and incentives to encourage households and businesses to switch to solar.
Both national and state governments extend incentives. The range of national and state government incentives is very large. In the USA, they include personal tax exemptions, corporate tax exemptions, sales tax exemptions for renewable investments, property tax exemptions, buy-down programs, loan programs and grants as well as industrial recruitment incentives.
A specific case study may be helpful for readers. In Florida, a homeowner installing fifty or sixty thousand dollars worth of energy product can expect to receive tax credits and rebates valued at over fifteen thousand dollars. The precise amount will depend on the particular products installed. Solar water heaters, a solar pool heaters and solar power (photovoltaic) systems attract particularly strong incentives.
In the USA, Federal government offers tax incentives to support the installation of a range of solar products including PV systems and water heaters. And Florida offers rebates to support the installation of a range of solar products including water heaters and pool heaters.
Several mortgage and general finance companies offer so-called green loans at interest rates subsidized by government to support the purchase of approved solar products. Fannie Mae offers green mortgage loans where the purchase cost of approved energy product purchases is added to the home mortgage loan.
Photovoltaic systems that have back-up storage in a battery bank have the advantage of being able to maintain electricity supply to a household even when there is an outage on the public grid. Solar pool water heaters can supply up to 100 percent of the heating needs for many family pools, significantly extending their swimming season.
In summary, homes and businesses are increasingly making the switch to solar energy products. Solar affordability and incentives offered by governments help the transition. Solar hot water systems are popular because they are relatively simple to install. Solar hot water can supply about 90 percent of the hot water needs of a typical family, the remaining 10 percent being fueled by an alternative like grid electricity.
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