Homeowners or businesses that install qualifying solar energy and wind systems are eligible for a federal tax credit that can mean substantial savings on their tax bills. Recent federal legislation removed the cap on the credit amount that was previously applied to photovoltaic (PV) and solar water heating systems.
Businesses are also eligible for renewable energy grants from the U.S. Treasury Department equal to 30 percent of the solar system cost. Businesses may choose either the tax credit or the grant. Residential consumers are not eligible for the grant.
What types of wind systems are eligible?
Qualifying small wind systems must have a capacity of 100 kilowatts or less and may be installed at a home, farm, or business. The credits are available for home systems placed in service from January 1, 2008, through December 31, 2016.
Learn more?
For additional information, see these websites:
Tax Incentives Assistance Project: http://www.dsireusa.org
Solar Energy Industries Association: http://www.seia.org
American Wind Energy Association: http://www.awea.org
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