The Federal Government is offering a tax credit to homeowners who are willing to install renewable energy technologies in their homes. The credit has been around since 2006 and isn't set to expire until 2016, so there's plenty of time to take advantage of this great incentive.
The Renewable Energy Tax Credit only applies to the installation of the following systems:
- Solar electric
- Solar hot water
- Fuel cell
- Wind energy
- Geothermal heat pumps
The credit is equal to 30% of the cost of the renewable energy system installed. The credit not only includes the cost of the physical system but also the cost of installation and piping/wiring to connect it to the home. If your tax liability is less than the credit in a given year, the difference will be carried forward to the next tax year.
Most of the systems do not have a credit limit, as long as they have been installed after 2008. If your system was installed before 2008, a $2,000.00 limit may apply. The only current exception is the fuel cell technology. The government has set the limit on these systems to $500.00 per half kW.
There are many installation and equipment requirements that must be followed in order to receive the tax credit. All information is available at http://dsireusa.org/incentives/incentive.cfm?Incentive_Code=US37F&re=1&ee=1.
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