solar energy tax credit federal
Recently, the Law on Emergency Economic Stabilization 2008, HR 1424, passed by Congress, which includes a new federal investment tax credit to help the public to offset the cost of wind turbine for their homes, businesses or farms. Without delay, President Bush signed the bill.
The Act provides a federal tax credit for 30% of the total cost of installation of any wind energy system with a capacity of 100 kilowatts or less, but credit not exceed $ 4,000. The limitation is that the law applies only to new systems installed on 3 October 2008 to December 2016, so any existing system not get tax relief. Moreover, for home wind turbines, the credit is limited to the lesser of $ 4,000 or $ 1,000 per kW of capacity.
America, which usually takes place worldwide small wind turbine market has recently begun to feel pressure from other nations that offer incentives to attract small renewable energy systems. So the new legislation was welcomed by a lawyer of the small wind American Wind Energy Association (AWEA), Ron Stimmel, who said:
"We thank Congress for recognizing and supporting small wind systems as a contributor important for energy security and a cleaner environment. This credit will help people reduce their electric bills while combating global warming in a tangible way. "
This bill is the first federal incentive for small wind turbines since 1985, and members of industry believe the credit could grow the U.S. market of wind energy by 40% or more per year. And with the next certification system team will help ensure that as the leader in the global market.
To put the industry on equal terms with the photovoltaic (PV industry) solar the AWEA, and its members have long requested a 30% federal investment incentive for small wind turbines of 100 kW and smaller. And now, his persistence has borne fruit.
Since the two industries share of the renewable energy market, the legislation also extends the range of a similar credit for Industry photovoltaic solar energy was first enacted in 2005. Systems photovoltaic solar home now receive 30% of the loan, limited $ 4,000, and commercial facilities can get the same, but uncapped, credit.
So how this law will affect everyone who has installed its own system? From the looks of things, DIY renewable energy enthusiasts can also enjoy federal tax credits, provided they have testing of all installation costs and time incurred. But, it is best to seek legal advice first sound to help you maximize the tax credit due.
With the new tax credit, along with the status of possible credit side, we can not see a better time for anyone to invest in their own system renewable energy at home and offset the cost of the wind turbine. If that means getting an expensive professionally installed solar / hybrid wind, or learn to do it yourself, the potential electricity savings are a decision away. At day's end, the choice is yours.
