Federal Solar Tax Credits
Federal Solar Tax Credits Extended through 2016 for Off-Grid and Grid tie Systems! On Wednesday, October 1, 2008, the Emergency Economic Stabilization Act of 2008 was signed. This act is very good news for solar customers since it contains to renewable energy legislation. Thirty per cent of commercial solar investment tax credit was extended to commercial and residential installations through the year 2017.
What this means is that the previous $2,000 cap for residential solar installations will be eliminated under this new legislation. Starting January 1, 2009, if you purchase a residential solar electric system, you will be eligible for a 305 tax credit which includes installation.
You can even purchase your system now and wait till after Jan.1 2009 to install it, thus taking advantage of the 30% credit. You can use a sizing calculator to figure out your system needs.
You can always find more information on the rebates and financial incentives available in your state from the following resources:
http://www.dsireusa.org is a helpful guide to energy tax credits.
DSIRE list of Rules, Regulations and Policies lists all the net metering and licensing laws for each state as well as local and the utility companies. They also list loans, grants, rebates, etc. that are offered by state, federal, non-profit, utility and local financial programs. This is listed for all states.
In order to get your federal tax credit, download the IRS form 5695, 'Residential Energy Credits' from http://www.irs.gov, then simply fill it out and file it with IRS.
The form that is available right now is (form 5695) which is for 2007, with the $2,000 cap in place, However, with this new legislation, we are looking forward to much more specific information to be forthcoming.
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