Join Date: Dec 2002
Thanked 0 Times in 0 Posts
Rep Power: 15
If you install Wind or Solar can you get a tax credit?
Wondered if you install Wind or Solar can you get a tax credit?
"CLARIFICATION OF HOMES THAT QUALIFY – there will probably more regulations coming out on this issue. Right now the law says the dwelling must be located in the United States and used by you as a residence. If you use a vacation home, then it is felt that the vacation rental rules apply as to whether the home will be considered a residence or not. A vacation home is considered a residence if your personal use exceeds 14 days or 10% of the days rented at a fair rental price.
In addition, motor homes in which you stay overnight, homes that may have a mother-in-law apartment in which a relative lives for free, a live-aboard (even part time) boat, mobile home etc all qualify. It must contain a sleeping space, toilet and cooking facilities."
Federal Tax Credits Extended through 2017
The Emergency Economic Stabilization Act of 2008, which was signed into law on October 1, 2008, contains renewable energy legislation which is great news for our solar customers. Not only was the 30% commercial solar investment tax credit extended through 2017, but the same tax credit was also extended to residential installations. Under this new legislation the previous $2,000 cap for residential solar installations is eliminated. This means that, as of January 1, 2009, the purchase of a residential solar electric system makes you eligibile for a tax credit equal to 30% of the cost of your solar system, including installation.
Small Wind Systems Also Eligible for Tax Credit
The Emergency Economic Stabilization Act of 2008 includes a federal-level investment tax credit to help consumers purchase small wind turbines for home, farm, or business use. Owners of small wind systems with 100 kilowatts (kW) of capacity and less can receive a credit for 30% of the total installed cost of the system, not to exceed $4,000. The credit will be available for equipment installed through December 31, 2016. For turbines used for homes, the credit is limited to $4,000 or $1,000 per kW of capacity (whichever is less