The Wyoming State Energy Office has acquired more than $2.2 million of federal money giving homeowners new incentives to install renewable energy systems.
The money will be used to help homeowners reduce the costs of solar, wind and ground renewable source energy installation. If the applicant is successful, the homeowner will be able to get up to $10,000 or 50% of the costs, depending on the size of the project.
More than 400 applications are expected to apply, out of which the successful ones will be decided upon a first-come, first-served basis. Projects that are already completed or under contract aren’t eligible.
The program awarded 25 applicants with $2,000 and $3,000 rebates in the last year. Many homeowners have put their projects on hold so that they can apply for reimbursement grants.
An additional incentive has also been given to the homeowners, which allows them to apply for a 30% tax credit from the federal government after installation. The interest is however high due to the fact that these projects are expensive.
The installation of a small wind turbine or solar panels could cost $10,000 to $20,000. The bills for a homeowner who converts their home heating system could total $30,000 to $40,000. A homeowner who adds a 2.4-kilowatt wind system could earn $4,800 from the grant program. The additional tax incentive can also help to pay off the system in five years instead of 10.
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