Saturday, November 20, 2010

Los Angeles Commissioners Approve Changes to Solar Incentive Program

Any owner in Los Angeles contemplating going solar, should act quickly to take advantage of the city's incentive's to go Green as reduced rebates go into effect Jan. 1, 2011.  The decision by the Department of Water and Power is an attempt to stretch the program's funds, totaling $318 million meant to be distributed through 2016.

It seems that the trend to work with sustainable alternatives of energy has emerged as a beast to the department.  This year alone, the applications for rebates total $70 million.  The city had only budgeted $30 million!!!  So, as you can see, the department is now concerned and has to roll back some of the steam and spread the wealth to a larger pool of people.  

The Department of Water and Power's current rebate is $3.24 for every watt installed.  A homeowner who installed a 4-kilowatt system would receive a rebate of $12,960.  As of January 1, the rebate is reduced to $2.20 per watt installed.  The same project would only garner a rebate of $8,800 as of January 1, 2011.

Reductions will continue as the utility meets goals for home-generated electricity.  We will see the rebate be reduced to $1.50 per watt then to .60 cents per watt over time.  As we are a city of progressive thinkers, I would not doubt the reductions to occur faster than anticipated.  Hence, take advantage of the $3.24 per watt rebate!  Get in while the gettin's good, folks!

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