The Solar Energy Industry is breathing easier this week as Congress passed the $700 billion Economic Growth and Financial Stabilization Act of 2008. This act was signed into law by President George Bush, securing eight years of tax credits for Solar Energy systems.
Home-Owner Federal Tax Credit Cap Removed
Attached to the bill, justly or unjustly, was the renewable-energy Incentive Tax Credit bill. For the past few years, home owners could deduct 30 percent of their solar installations on their federal taxes. However, this was capped at $2000. With the heavy investment often necessary for solar energy systems, the cap was an incentive for smaller installations, but only a small portion of large systems. Fortunately, this cap has been removed and home-owners will now receive the full 30 percent Federal Tax Credit without a limit. A $30,000 system will now be eligible for $9,000 in tax credit. Other incentives may be available in your area.
What's Next for Renewable Energy
The Federal Tax Credit means your new solar energy system will high a much higher Return on Investment. As the nation becomes more energy sensible, the demand for solar electricity will increase. Current net-metering laws will become more favorable to individual home owners and state and federal goals for renewable energy systems will also make going Solar much more affordable. Remember, your system will generate electricity for decades to come.
Tuesday, October 7, 2008
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