Going Solar? Better Hurry, Cash is Going Fast

The good news: Solar is becoming more popular. The bad news: We’re running out of money for those enticing solar rebates.

According to the Worcester Business Journal, in Massachusetts alone, the number of solar installers has risen from 50 to more than 200. But these projects have been put on hold due to lack of funding. This trend is spreading, and more states have cut funding, including New York and California.

Solar energy systems can be used in solar heating water systems, photo voltaic solar systems, solar home heating systems and solar home cooling systems. Photo: Flickr/Powerhouse Museum

Triple Pundit reports that Austin Energy cut solar rebates for homeowners by a third. Xcel Energy will cut its rebate program in half. The Long Island Power Authority has made an immediate program cut, and another is scheduled for January. And in October, New York reduced its solar incentive by 50 cents per watt.

Now states are thinking outside the box. For example, New Jersey’s funding ran dry in 2005, and a cut in rebates generated its incentive program based on Solar Renewable Energy Credits.

In most states, solar incentives are still available for a variety of renewable energy technologies. Amounts vary based on the type of technology used and the scope of your project.

Earlier this year, the controversial Waxman-Markey American Clean Energy and Security Act was passed in the U.S. House of Representatives. A key component of the bill requires public utilities supplying electricity to become more energy efficient and fulfill their customers’ energy demands with more renewable sources as time goes on.