- Federal Tax Credits: As a business, Spring Lake Inn was eligible to receive an income tax credit equal to 30% of the cost of a solar power installation (IRS Form 5695). In addition, the inn was eligible for a Solar and Geothermal Business Energy Tax Credit (IRS Form 3468).
- State Tax Reduction: Located in Spring Lake, New Jersey, the inn was eligible to participate in New Jersey's Customer On-Site Renewable Energy (CORE) Program which would reduce the state income tax.
- Depreciation: Like any improvement, a solar power installation qualified as a depreciable expense which provided further reductions in state and federal income tax.
- Sale of Excess Electricity: If the innkeepers installed enough solar panels to exceed their energy needs, they could feed unused power back into the state grid, and receive credit in the form of Solar Renewable Energy Certificates (SRECs).
A Solar-Powered Victorian
By Jackie Craven, About.com
The Cost of Going Solar
A series of roof top solar panels supplies all of the electricity needs for Spring Lake Inn in Spring Lake, New Jersey.
Photo © Jackie Craven
The cost to install solar power at the 16-room Spring Lake Inn approached $75,000. But the innkeepers discovered that they could slash this price to a fraction, thanks to state and federal rebate programs and other incentives.
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- Solar Power at Spring Lake Inn
- Can This House Go Solar?
- The Cost of Going Solar
- How Many Solar Panels Does a Big Victorian Need?
- Mounting the Solar Panels
- Power Without Problems
- From Sun Power to Household Power
- An Electric Meter That Spins Backwards
- Design that Saves the Environment
- Fans Add to the Savings
Install Solar Power
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