Guam has the perfect conditions for any solar applications due to all the great sun we receive year round but we do not have as many financial incentives available like other states in the USA. Guam currently has only two incentives available. Net metering with the utility company and a federal 30% tax credit on the installed cost of the renewable energy system.
Net metering:
This works with grid-tied photovoltaic systems, as explained in our grid-tied section. Excess power is either fed back onto the utility’s grid or your reliance on the utility’s grid becomes less.
Utility power USED – PV power PRODUCED = Net metered amount
An application will have to be submitted to the utility, along with plans and designs of the photovoltaic system. The utility will send their engineer to approve the interconnection to the grid, once approved you will enjoy a greatly reduced monthly power bill. Applications are available through GPA or you may contact us for a copy.
30% tax credit:
Upon purchase of your renewable energy system you will be eligible for a 30% tax credit based on the installed cost of your renewable energy system. The proper filing forms are available through Guam’s Division of Revenue & Taxation.
Other financial opportunities:
Banks will loan you the money for the installation for your renewable energy system but there are no specific loan programs locally for renewable energy systems. Any type of financing terms would be determined by the banks and your records, we can assist on documents needed by the banks.
For commercial buildings there are more options with grants and loans through the Guam USDA office. We can assist will all documents needed for the application and approval of these options. Please contact us for more information. |
