In Yuma, Arizona, AA Val-U-Stor owner Mike Perry recently finished installing a 56 kilovolt, direct current photo voltaic solar system by United Sustainable Energy on two buildings. Since the system went online in early September, it has generated a total of more than 1,500 kilowatts of power, YumaSun.com reports.
The system is expected to eliminate 45,000 tons of CO2 per year from other power sources.
Perry told YumaSun.com that he “expects to save about $14,000 a year on energy costs.”
Thanks to an APS rebate of $140,000, federal tax credit of $120,000, state tax credit of $25,000 and the savings on his power bills, Perry says he expects to recuperate the $400,000 costs of the system in 4.5 years.
Over in Winter Haven, Florida, Bill Cook has also finished installing 213 solar panes to power his 65,00-square-foot construction and storage facility, which can produce a maximum of 37,200 watts per hour during direct sunlight, the Ledger.com reports.
Cook says the system cost him about $50,000 after rebates and tax incentives and expects the solar system will have eliminated his $1,500 electric bill by the end of the month.
Despite the struggling economy, both men are spending big bucks to go solar. They are not alone. According to recent figures from New Energy Finance, one of the hottest clean energy sectors attracting investors is solar thermal electricity generation.
Both men saved a lot of money thanks to rebates and tax incentives. But that scenario may soon vanish as tax credits for renewable energy are set to expire at the end of the year. That’s why industry giants, such as General Electric, have pleaded with senators to extend the tax credits. Even going so far as to say if they expire, “we’ll go to Germany and China.”