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Know more about Renewable Energy Credits

December 28, 2012

With dwindling traditional energy sources, the stress is on using renewable energy, like wind energy, solar energy, hydropower etc to meet the growing needs of residents. A "Renewable Portfolio Standard" has been passed by the Texas Legislature that requires REPs and electric utilities to produce and sell particular target levels of renewable power eventually. By 2025, 10,000 MW was set as a target to be achieved for the State’s renewable energy capacity.

 

What are the tax credits?

Renewable energy credits are tax credits, which refer to subtractions that are applied to the quantity of cash that a business or individual owes in taxes. A normal tax deduction is applied to a chargeable salary, whereas a tax credit is applied to a tax load directly. By presenting the tax credits for the usage and manufacture of renewable energy, the Texas government offers a financial incentive to encourage the construction, development, and operation of new renewable energy resources. Such credits are also aimed at protecting and enhancing the quality of Texas’s environment through increased usage of renewable resources.

 

Types of tax credits

Tax credits come in two types - production credits and purchase credits. The customers earn purchase credits while purchasing renewable energy. The majority of tax credits are offered either as a percentage of price of purchasing a renewable energy product, or at a flat price. 

Companies that generate renewable energy meet the criteria for production credits. A company benefits from a particular credit for each unit of renewable energy that it generates. For instance, a company producing bio-fuels might get a credit for each gallon of biodiesel that it generates, whereas a company producing solar power may get a credit for each kilowatt hour of electrical energy that it generates.  

 

Things to know

The Texas government started ‘Renewable Energy Credits Trading Program’ to ensure that the state achieves its renewable energy requirements in the most economical and efficient manner. Empowering customers with access to providers offering energy generated by renewable energy resources, and increasing the cumulative installed renewable capacity of the State were other objectives that led to the launch of RECs. 

Though the business of selling RECs has grown rapidly, no national registry exists where details of the RECs issued are listed. Rather, the onus is on a voluntary program, which is similar to a third party audit, which ensures that the renewable energy certificates are accounted for and not counted twice.

 

About Shop Texas Electricity- Shop Texas Electricity helps consumers and businesses compare and shop for their electricity plans in Texas. Learn more about Shop Texas Electricity by visiting us at www.ShopTexasElectricity.com

 

Mobile Solutions for managing your energy usage on the go

December 6, 2012

Did you know that $184 is spent every year on lighting in an average Texas household, while the expenses for cooling homes and using space heaters each year is $789and $206 respectively? Though knowing the amount of electricity you use can let you exercise control over your utility bills, it may be a tough task when you are on the move.

All those Texas electricity users who are looking for a convenient and fast way to manage their energy accounts on the go now have some solutions at hand. ...


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Tips to reduce air leakage and cut down your energy bills

October 13, 2012

 

Many Texas electricity customers struggle with their rising utility bills but most often forget that reducing air leakage can be an important step in controlling their electric bills. If you too are looking for ways to cut your electric bills, it’s time to consider proper sealing and insulating techniques, which can help you save up to 20% on your overall cooling and heating costs. Here are some simple tips, which if followed, can help you in your endeavor:

 

·         Sealing your ...


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Energy saving tips for your microwave and oven

September 19, 2012

 

Many Texas electricity consumers often use a lot of heat to cook their dishes in ovens and microwaves when just a dash of heat would have been adequate. If you want to control your electricity usage, you can use some simple steps as mentioned below that won’t let you compromise on the taste of your dishes but can bring home huge savings on electric bills.

 

·         Use less time for cooking: You can save on your energy usage by keeping your cooking time down. Simple steps like de...


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Energy saving tips for your freezer and refrigerator

September 11, 2012

Did you know that in your household, your freezer and refrigerator are two of the biggest energy consumers? If not, it’s time to look closer and adhere to energy efficient practices to bring down your energy consumption, thus decreasing your utility bills. Though the present day models of freezers and refrigerators are very energy efficient, the same can’t be told about their older counterparts. Still, if you possess an ENERGY STAR approved model of a refrigerator from the 1980s, you co...


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Home energy use audit – some questions to ask

August 27, 2012

Did you know that of all homes constructed prior to 1980, just 20% are well insulated? To bring down your energy costs, it becomes crucial to seal doors and windows, add insulation, and take other necessary steps. With the energy scenario in Texas becoming a talking point among administrators and homemakers alike, and the imminent possibilities of power outage and grid failure due to excessive power consumption, it becomes more important that Texas residents do their bit to conserve electri...


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Electricity Usage Report – how can it help?

August 15, 2012

Excessive power consumption in domestic and commercial settings, and their implications are the reasons of much hue and cry in Texas these days. Putting a restriction on unnecessary electricity usage and enhancing power conservation is the need of the hour. Owing to the rapidly depleting resources and consequently rising costs of power usage, it might be a good idea to have an electricity usage report at your disposal. Not only does the report give a detailed picture of your power utilizati...


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Why Texas PUC urges consumers to conserve energy

August 7, 2012

Having touched record power consumption in June, Texas PUC has urged the public to conserve energy, which in turn would help avoid outages. When record heat and drought last year tested the limits of Texas's primary power grid, it was the public's response to energy conservation appeals that helped avoid outages. Authorities believe that this year too, a similar appeal is called for, especially when temperatures throughout the state are soaring.

 

This year, the electricity conservation ...


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Despite deregulation how practical is switching electricity companies?

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