FEDERAL TAX CREDITS FOR RESIDENTIAL SOLAR ELECTRIC INVESTMENT INCREASED AND EXTENDED FOR 2010!
2010 promises to be a great year to invest in abundantly clean solar electricity!
Solar Electricity or photovoltaics (PV) lowers energy costs with no pollution, no moving parts. PV technology creates peace of mind, increases our national energy security and lowers our carbon footprint to help fight global warming. Solar electric systems are rugged, low maintenance, long lasting and proven. Improved solar electric technology combined with the increased federal tax incentives reduces economic payback period. PV is the future, do it for yourself, your children, for your community.
With increases in the federal tax incentive and considerable progress solar technology, the climate to invest in abundantly clean solar electricity is excellent. New federal legislation has extended and increased the investment tax credit for both residential and commercial solar installations for 8 years.
What this means is that there is no longer a limit (previously $2,000) to the 30% federal tax incentive for installing a residential solar electric system.
New legislation will:
> Extend for 8 years the 30-percent tax credit for both residential and commercial solar installations;
>Eliminate the $2,000 monetary cap for residential solar electric installations, creating a true 30-percent credit;
>Eliminate the prohibition on utilities from benefiting from the credit;
>Allow Alternative Minimum Tax (AMT) filers, both businesses and families, to take the credit; and
>Authorize $800 million for clean energy bonds for renewable energy generating facilities, including solar.
The Database of State Incentives for Renewable Energy (DSIRE) is a comprehensive source of information on state, local, utility, and selected federal incentives.
To help navigate through the stimulus bill, check out these solar links:
SEIA references http://www.seia.org/cs/american_recovery_and_reinvestment_act
The Library ofCongress Thomas http://thomas.loc.gov/home/approp/app09.html#h1
The CongressionalBudget Office http://www.cbo.gov/doc.cfm?index=9989
The Joint Committee onTaxation http://www.jct.gov/x-19-09.pdf