New 30% Federal Solar Tax Credit
Recently President Obama has passed into law an improved 30% Federal Tax Credit for solar systems installed through the year 2016. The new legislation also eliminates the $2,000 cap on residential installations. The complete cost of the system (equipment and installation) may be applied to the credit, although the credit applies to the basis remaining after your States and applicable local utility incentive available to the taxpayer has been taken. For solar water heating systems, any property qualifying for the credit must be SRCC certified (or other comparable certification endorsed by the state), and at least 50% of energy used by the system to heat water must come from the sun.
The Database of State Incentives for Renewables and Efficiency (DSIRE) website provides a searchable comprehensive database of state, local and utility based incentives. Visit their library to learn more about Federal tax credits and to access links to tax forms.
With these Federal Solar Tax Credits, State Solar Power Rebates, and Local Electric Utility Incentives, the time to consider Solar Power as an alternative energy source is NOW, Save money while saving the environment.
