Residential Solar-Plus-Storage Economic Analysis 2018: Insights From AZ, CA, HI and MA

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The economics of solar-plus-storage are changing. This report explores several key cases of utilities that are introducing new rate structures which radically alter the case for solar-plus-storage, though they do not necessarily make this configuration a better choice than solar alone. The results of GTM Research’s analysis reveal an interesting picture for a market in transition, where in some cases solar-plus-storage is nearing competitiveness with solar-only, while in others, solar-plus-storage remains far from economical.

The report examines the key markets of Arizona, California, Hawaii and Massachusetts, which are in the process of rate reform and thus merit study to understand the economic case for solar-plus-storage. It also presents a discussion and economic results for several utilities in these markets.

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On return to India, inform bank of changed residential status

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I am 60 plus, and am returning to India after staying in the Gulf for 20 years. I have non-resident external (NRE) and foreign currency non-residential (FCNR) deposits, which mature at different times up to 2020. Considering that my status after return is resident not ordinarily resident (RONR) during the first 2 years (minimum), please advise on the following considering both income tax rules and Foreign Exchange Management Act (FEMA) regulations. i) Can I continue the NRE and FCNR deposits as such? If not, what options do I have? If I can continue, will the interest on these deposits be taxable? ii) Can I reinvest the maturing deposits during RONR status as NRE or FCNR deposits? If I can’t, while reinvesting them as resident deposits, can I avail the benefit of higher interest available to only resident senior citizens in banks and Senior Citizen Savings Scheme?

—Mohanlal R.

To answer your first question, when a non-resident Indian (NRI) returns to India, the onus is on him to notify his bank of the change in the status from non-resident to resident so that the bank account can be re-designated the bank accounts to resident account from NRE or FCNR. You have the option to re-designate these accounts either as resident account or transfer the funds to a Resident Foreign Currency (RFC) account. No penalties would be levied in the case of premature conversion of balances held in NRE and FCNR deposits into RFC accounts by NRIs on their return to India. Interest earned on the foreign currency deposit account is exempt till a person qualifies to be RNOR.

Also, the FCNR deposit accounts are permitted to be held till maturity of the deposits at the discretion of the bank.

The FCNR deposits on maturity will be converted into resident rupee deposit account or RFC account (if eligible) at the option of the account holder. The rate of interest on such account cannot exceed the rate payable on savings bank deposits held under RFC account scheme.

To answer your second question, under the exchange control law, you will most likely qualify as a person resident in India in the year of your return as you would come to stay in India with an intention to stay for an uncertain period. Hence, you will not be able to reinvest the matured deposits as NRE or FCNR deposits. As a resident senior citizen, you would be eligible for higher interest rates on the deposit accounts offered by the banks in India. For more details on the above, we recommend you to contact your bank.

[“Source-Livemint”]

Residential status in India is based on physical presence

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I have been living in Dubai for the past 15 years and have decided to return to India in November this year. I wanted to know how I will be taxed this year, and would it be better for me from a tax point of view to shift a little later so that my tax deduction in India starts in the next financial year (FY) 2017-18?

—Kamlesh Sharma

It is likely that your status in FY17 will be of a non-resident assuming your total physical presence in India in the year is less than 182 days. As a non-resident, you will be liable to tax in India only on income arising, earned and received in India.

Income earned and received outside India and subsequently remitted into India is not liable to tax in India in case of a non-resident.

Examples of incomes arising or earned in India include income earned from employment exercised in India, any business or profession here, sale of assets in the country, interest from bank accounts in India, among others.

Your residential status in India is determined based on your total physical presence in India in the current FY and preceding 10 FYs since taxability in India differs on the basis of residential status in India. If the individual satisfies any of the basic conditions mentioned below, the individual would qualify as a resident; otherwise she would qualify as a non-resident:

Basic conditions:

*Stay in India during the FY is 182 days or more, or stay in India during the FY is 60 days or more and is in India 365 days or more in the preceding four FYs.

A resident may either qualify as an ‘ordinarily resident’ or ‘not ordinarily resident’.

If both the additional conditions mentioned below are met, then the individual would qualify as an ordinarily resident; if not, such a person would qualify as a ‘not ordinarily resident’.

Additional conditions:

*Resident in India in 9 of 10 FYs preceding the relevant FY, and

*Stay in the 7 years preceding the relevant FY adds up to 729 days or more.

An ordinarily resident can be taxed on her worldwide income and is required to report assets held in India and outside India in the Indian tax return.

However, a ‘not ordinarily resident’ and a non-resident can be taxed in India only on income received in India or deemed to be received in India, and income accruing or arising in India or deemed to accrue or arise in India.

[“Source-Livemint”]

For First Time, Drone Delivers Package to US Residential Area

For First Time, Drone Delivers Package to US Residential Area

A drone has successfully delivered a package to a residential location in a small Nevada town in what its maker and the governor of the state said Friday was the first fully autonomous urban drone delivery in the US.

Flirtey CEO Matt Sweeney said the six-rotor drone flew about a half-mile along a pre-programmed delivery route on March 10 and lowered the package outside a vacant residence in an uninhabited area of Hawthorne, southeast of Reno.

The route was established using GPS. A pilot and visual observers were on standby during the flight but weren’t needed, Sweeney said.

He said the package included bottled water, food and a first-aid kit.

“Conducting the first drone delivery in an urban setting is a major achievement, taking us closer to the day that drones make regular deliveries to your front doorstep,” Sweeney said.

Nevada Gov. Brian Sandoval congratulated the company “on successfully completing the nation’s first fully autonomous urban package delivery.”

“I am thrilled that Flirtey is not only testing its cutting-edge technology in Nevada, but also creating jobs through its headquarters relocation to Reno,” Sandoval said in a statement.

Nasa is working with the drone industry and the Federal Aviation Administration on a low-altitude air traffic control system to prevent crashes involving drones and other low-altitude aircraft.

Flirtey conducted the first FAA-approved, rural drone delivery in July to a rural health care clinic in Virginia.

The Nevada delivery demonstrates that advanced drone systems allow aerial vehicles to safely navigate around buildings and deliver packages with precision within a populated area, Sweeney said.

The company recently moved its headquarters from Australia to Nevada. It said the recent delivery was filmed for an upcoming ABC-TV documentary.

Hawthorne, a town of about 3,000 residents, is the home of the Hawthorne Army Depot.

Flirtey has been conducting research and development through a partnership with the Nevada Advanced Autonomous Systems Innovation Center at the University of Nevada, Reno. Nevada is one of six states the FAA has designated as unmanned aircraft systems test sites.

“This was by far one of the most successful (unmanned aircraft systems) operations we ran and represents an advanced level of test and development … by Flirtey,” said Chris Walach, director of operations for the FAA-designated Nevada site.

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Tags: Cameras, Drones, FAA, Federal Aviation Administration, Internet
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