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Tax Credits for Solar Energy, Renewable Energy & Energy EfficiencyFederal Economic Stimulus Programs & Incentives
New Federal Incentives for Solar, Renewables & Energy Efficiency:
The Economic Stimulus Bill signed into law on February 17th, 2009 has resulted in severalimportant new incentives and measures to stimulate energy efficiency and solar, wind andother renewable energy development, manufacturing, installation and operation in the UnitedStates.Tax Credit Cap eliminated for Solar Electric (PV) and other Energy Efficiency systems: TheResidential Energy Efficient Property Credit is a nonrefundable energy tax credit to helpindividual taxpayers pay for qualified residential alternative energy equipment, such as solarelectric (PV) systems, solar hot water heaters, geothermal heat pumps and wind turbines. Thenew law removes some of the previously imposed maximum amounts and allows for a creditequal to 30 percent of the cost of qualified property.Tax Credit Cap eliminated for Solar Water heating systems: The $2,000 cap on the 30%Federal Tax Credit for solar water heating systems has been removed. Solar water heatingsystems, other than those for pools or spas, are now eligible for a full 30% tax credit againstthe solar system's cost.Extended Bonus Depreciation: Last year, Congress temporarily increased the amount (50% of the cost of capital investment) that small businesses could write-off for capital expendituresincurred in 2008 to $250,000 and increased the phase-out threshold for 2008 to $800,000. Thebill will extend these temporary increases for capital expenditures incurred in 2009.Accordingly, until the end of 2010, small business taxpayers are allowed to write-off up to$125,000 (indexed for inflation) of capital expenditures subject to a phase-out once capitalexpenditures exceed $500,000 (indexed for inflation). (Div. B, Sec 1202, p. 74)Our Solar Estimator includes these solar incentives andmany others. Use it to calculate the cost savings you canrealize now by installing a solar energy system of yourown.Find» State & Local Solar Incentives
TIP:
Use your local Solar professionals to help youunderstand the full spectrum of tax credits, deductions,purchase, solar production incentives and special utility ratesthat may be available to you. They are experts and on-top of the latest developments:
HELPFUL PDF's & Links
Energy Provisions of the American Recovery and Reinvestment Act of 2009 (ARRA) Energy-Saving Steps This Year May Result in Tax Savings Next Year IRS Form 5695 & Instructions: Residential Energy Credits
The
Energy Star
program also has information related to» tax creditsfor Consumers (HomeImprovements, Cars, Solar Energy Systems, Fuel Cells), Tax Credits for Home Builders, Tax
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