by Renu Energy | Jan 6, 2023 | Renu Blog, Renu Solar News
Solar Tax Credit Eligibility
One of the main perks of investing in solar for the home are the federal tax credits customers receive. The solar tax credit decreases customers’ federal income tax, and derives from a percentage of the cost of a complete solar system installation. In 2022, the federal government passed the Inflation Reduction Act which increases the percentage of costs customers receive from 26% to 30%. Eligibility for the solar tax credit includes:
- Installing and powering on a PV solar system during the tax year
- Installing the system at a customer’s primary or secondary residence
- Owning the system from purchasing with cash or financing options
- Claiming the one time tax credit on the original installation
Solar Tax Credit Expenses
The federal tax credit includes multiple expenses that associate with a PV solar system. From labor to components, the expenses add up which gives customers the incentive to choose a company that provides components and installation services. A company that helps its customers from the consultation phase to the system activation phase will be able to assist with keeping track of expenses. The list of expenses includes
- Solar Modules (Panels)
- Labor including site preparation, installation, permitting fees, inspection costs, and developer fees
- Energy conversion equipment such as wires, inverters, and mounting equipment
- Energy storage units that are paired with a PV solar system
- Sales taxes on expenses listed above
Sometimes, a customer will meet the requirements to receive the federal tax credit while having certain circumstances that differentiate them from the average customer. Each customer has their own needs when they choose to install a solar system. If a customer meets the requirements for the federal tax credit, they can receive the credit if:
- The customer isn’t a homeowner, but a tenant-stockholder at a co-op housing corp or a condominium owner
- Their vacation home is not a rental property
- Their system isn’t connected to the grid, but generates electricity for the residence
- The solar panels are on the property but not the roof
- The residence has a home office, but the majority of power is used for residential purposes
- The customer used financing rather than paying cash for the system
Once a customer receives the federal tax credit, they should understand how that tax credit can be used. For example, if a customer’s federal tax credit exceeds their tax liability, they won’t be able to get a refund. Although, any left over tax credit that hasn’t been used can be moved to the following year. Also, federal tax credit can be applied to the alternative minimum tax.
Customers can claim the tax credit by filling out IRS Form 5696 and attaching it to their federal tax return. For more information homeowners should know about the solar federal tax credit, click here to read the official guide from the U.S Department of Energy.
by Renu Energy | Dec 28, 2022 | Renu Solar News
On Christmas Eve, The Carolinas experienced an Arctic blast leaving the area with wind chills below zero moving between 40 and 50 mph. Being one of the coldest holiday weekends the region saw in recent years, around 500,000 Duke Energy customers were endured power outages.
The outages began around 6 a.m. Christmas Eve morning. Customers woke up to outages, and lost heat and electricity in their homes until 6 p.m. Before the Arctic blast, Governor Roy Cooper signed a State of Emergency since the Arctic blast forecasted frigid temperatures. Governor Cooper warned customers to charge their batteries, dress warmly, and look out for loved ones.
As a result of the large number of customers affected by the Arctic blast, Duke Energy couldn’t act as quickly as they normally would. This outage was the first time Duke Energy implemented a rolling outage for an Arctic blast. A rolling outage is a last resort procedure when the demand for power exceeds the power that can be provided by the grid. Implementing a rolling outage prevents damage on the electric grid, and prevents outages from lasting longer. These rolling outages stopped at 11:30 a.m, and Duke Energy brought power on to 10,000 customers at a time.
Even though The Carolinas don’t frequently see temperatures this low, Arctic blasts can still leave the region without power. Duke Energy customers typically worry about hurricanes leaving them without power since hurricanes are one of the main causes for power outages in the area. Times like these remind us why energy security and storage is an important investment. Extreme weather events of all kinds leave thousands without power, but an energy storage unit can keep a home running even during the events of an outage.
Photo courtesy of WCNC Charlotte
by Renu Energy | Dec 12, 2022 | Renu Solar News
Each year Charlotte Business Journal celebrates the 50 fastest growing businesses in the city. Across all industries, Renu Energy Solutions ranked #31 for fastest growing company in Charlotte. The Renu Crew was happy to represent the company at the Fast 50 Award dinner as the only solar company at the event.
Companies were ranked based on their company growth, revenue growth, community leadership, and their contribution to Charlotte as a whole. Over the past. Some of the qualifications a company needs to be nominated for a fast 50 award include,
- Being a private company
- Being headquartered in Charlotte, NC.
- Having three fiscal years of $1M + sales in 2021
Over the past three years, Renu Energy Solutions has an average growth rate of 40.46%. Companies included in the Fast 50 Awards celebrated their success and ability to grow during the pandemic. 2022 was Charlotte Business Journal’s 30th year of hosting this awards program, being the company’s longest awards event. Renu is proud to be a growing company along with other companies in Charlotte. We congratulate the other companies that participated at the event and look forward to continue providing for Charlotte’s community.
by Renu Energy | Dec 12, 2022 | Renu Solar News
Renu Energy Solutions is excited to share our most recent recognition from Tesla for Q3 of 2022. As a Certified Tesla Powerwall Installer, we are proud to receive Tesla’s Performance Excellence Award! Recipients of this award are recognized for their promotion, sales, and installation of hundreds of Tesla Powerwalls. Energy storage is one of Renu’s specialties since storage units like Tesla Powerwalls pair perfectly with PV solar systems.
For over 5 years, Renu Energy Solutions has been partnered with Tesla providing Tesla Powerwalls, 420w Panels, and Wall Connectors in the Carolinas. Over the years, Renu sold over 500 Tesla Powerwalls to customers with and without solar systems. Energy sales advisors at Renu Energy Solutions recommend the Tesla Powerwall to customers due to the storage unit’s ability to act as the main grid during an outage, and let customers control where energy gets used.
“Tesla Powerwall 2 customers’ enjoy the ease of use, reliability, and aesthetic the system provides. The Tesla app is very informative and easy to use for the average homeowner. The quality control of Tesla’s engineering is apparent in every aspect of the Powerwall 2. The look of the battery is very sleek and minimalistic.” – Justin Parrish – Renu’s Energy Storage Manager
At Renu Energy Solutions, purchasing and installing a Tesla Powerwall is easy. Being a turn-key company lets customers work with Renu from the moment the customer calls to the moment their storage unit is installed. There’s no upfront cost with investing in a Tesla Powerwall, and an energy storage consultation is free.
by Renu Energy | Dec 8, 2022 | Uncategorized
The Biden-Harris administration is committed to reducing energy costs for families across the United States. On November 2, 2022, the White House announced a series of new actions aimed at lowering the cost of energy for families and small businesses. These actions include investments in clean energy technologies, increased access to energy-efficient appliances, and support for low-income families.
Investing in Clean Energy Technologies The Biden-Harris administration is making a significant investment in clean energy technologies. This investment will help to reduce the cost of energy for families by making clean energy sources more widely available. The government will support the development of renewable energy sources such as wind and solar power, which can provide reliable and affordable energy to families. Additionally, the government will support research and development into new clean energy technologies that can reduce the cost of energy even further.
Increased Access to Energy-Efficient Appliances Another way the Biden-Harris administration is reducing energy costs for families is by increasing access to energy-efficient appliances. Energy-efficient appliances use less energy and are less expensive to operate than traditional appliances. By providing families with access to these appliances, the government hopes to reduce the cost of energy for families and help families save money on their energy bills.
Support for Low-Income Families The Biden-Harris administration is also providing support for low-income families who are struggling to pay their energy bills. The government will work with utilities and other organizations to provide low-income families with access to affordable energy. This support will help low-income families stay warm in the winter and cool in the summer, without breaking the bank.
Conclusion The Biden-Harris administration is committed to reducing the cost of energy for families and small businesses. By investing in clean energy technologies, increasing access to energy-efficient appliances, and providing support for low-income families, the government is taking concrete steps to help families save money on their energy bills. These actions will help families across the country access affordable, reliable energy and ensure that energy costs do not become a burden for families.
