Whatever your opinion of the latest government bailout plan, it's good news for you if you're thinking about investing in a solar water heating system for your home. A provision in last week's stimulus package lifts the $2,000 cap on tax incentives for residential solar hot water.
Homeowners are now eligible for a full 30% federal tax credit on solar thermal installations, regardless of the total cost of the system.
Showing posts with label solar tax credits. Show all posts
Showing posts with label solar tax credits. Show all posts
Friday, February 27, 2009
Saturday, October 4, 2008
It Passed!
Whatever you may think of the Wall Street bailout bill, the fact that it passed the House is very good news for anyone thinking about going solar.
The Emergency Economic Stabilization Act of 2008 (H.R. 1424) carries a rider extending federal tax credits for solar energy investment by a whopping eight years! Not only that, but the $2,000 cap currently in place for residential solar projects has been lifted. Starting in January, homeowners will receive a full 30% of solar system costs back on their taxes, regardless of the total cost of the project.
Solar Energy Industries Association president Rhone Resch calls the bill“A major step in our long journey toward energy independence." He predicts, “This long-term extension of the solar tax credits will create a domestic solar industry with hundreds of thousands of jobs while providing clean, affordable, carbon-free energy to millions of American families, businesses, and communities.”
The Emergency Economic Stabilization Act of 2008 (H.R. 1424) carries a rider extending federal tax credits for solar energy investment by a whopping eight years! Not only that, but the $2,000 cap currently in place for residential solar projects has been lifted. Starting in January, homeowners will receive a full 30% of solar system costs back on their taxes, regardless of the total cost of the project.
Solar Energy Industries Association president Rhone Resch calls the bill“A major step in our long journey toward energy independence." He predicts, “This long-term extension of the solar tax credits will create a domestic solar industry with hundreds of thousands of jobs while providing clean, affordable, carbon-free energy to millions of American families, businesses, and communities.”
Thursday, October 2, 2008
Project Approved!
Marathon Renewable Energy, Inc.'s first official solar installation proposal has been approved!
Our customer will receive an incentive check for $1,584 from Focus on Energy to help pay for his solar hot water system. Focus on Energy works with eligible Wisconsin residents and businesses to install cost effective energy efficiency and renewable energy projects.
He will also get a $2,000 credit on his federal taxes, bringing his total incentive savings to $3,584 - more than 1/3 the cost of his system.
Now that the system has been approved, we can go forward with installation! We'll post details of the event as they occur.
Our customer will receive an incentive check for $1,584 from Focus on Energy to help pay for his solar hot water system. Focus on Energy works with eligible Wisconsin residents and businesses to install cost effective energy efficiency and renewable energy projects.
He will also get a $2,000 credit on his federal taxes, bringing his total incentive savings to $3,584 - more than 1/3 the cost of his system.
Now that the system has been approved, we can go forward with installation! We'll post details of the event as they occur.
Friday, September 26, 2008
Senate Approves Solar Energy Tax Credits
The New Energy Reform Act of 2008 enjoyed overwhelming support in a 93-2 decision yesterday by the U.S. Senate. The bill would extend federal residential and commercial solar energy tax credits for the next eight years.
The proposed tax credits would cover 30% of project cost of new solar installation projects. A significant change from current tax credits is the removal of the $2000 cap on residential systems. This would make solar energy more affordable for homeowners. Since the typical home installation runs around $10,000, this would cut the average homeowner's cost by $1,000.
Because Wisconsin has strong state-funded incentives in place (see Focus on Energy's website on our links list), Wisconsin homeowners would enjoy incentives covering approximately 50% of system costs.
First, though, the bill has to be approved by the U.S. House of Representatives. Sounds like a good opportunity to write your representative!
Fortunately, the House is on the ball and has set up an easy way to do it. Just go to https://forms.house.gov/wyr/welcome.shtml and select your state and zip code. You'll be taken to your own representative's web site, where you can ask them to support renewable energy by supporting the New Energy Reform Act. Just look for their contact page (you'll need to type in your contact info, including zip+4.) It's easy, only takes a minute, and you'll have done your good deed for the day!
The proposed tax credits would cover 30% of project cost of new solar installation projects. A significant change from current tax credits is the removal of the $2000 cap on residential systems. This would make solar energy more affordable for homeowners. Since the typical home installation runs around $10,000, this would cut the average homeowner's cost by $1,000.
Because Wisconsin has strong state-funded incentives in place (see Focus on Energy's website on our links list), Wisconsin homeowners would enjoy incentives covering approximately 50% of system costs.
First, though, the bill has to be approved by the U.S. House of Representatives. Sounds like a good opportunity to write your representative!
Fortunately, the House is on the ball and has set up an easy way to do it. Just go to https://forms.house.gov/wyr/welcome.shtml and select your state and zip code. You'll be taken to your own representative's web site, where you can ask them to support renewable energy by supporting the New Energy Reform Act. Just look for their contact page (you'll need to type in your contact info, including zip+4.) It's easy, only takes a minute, and you'll have done your good deed for the day!
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