Solar Panels: A Bright Idea and Cool Tax Benefits
Posted by Adam Ciboch in Uncategorized, tags: business, eco-friendly, energy, energy efficiency, environment, general, green living, home, home improvement, living, other, real estate, solar panels, UncategorizedVery soon, your electricity bill could take a permanent dip, potentially. In order to save money, homeowners are increasingly turning to solar energy. If you want to be both environmentally friendly and save some money, solar panels could help you achieve both. This could include tax rebates, avoiding sales tax on solar panel installation expenses and more. You’ve got to love it, right?
For the past five years, the federal government has been trying to implement incentives for more responsible energy use. The Energy Policy Act in 2005 was the first tax break of its kind. It was awarded to people who opted for renewable over non-renewable energy. While there were very few incentives for people to make the switch to renewable energy before this act, that has changed in today’s world.
With the Energy Policy Act of 2005 alone, homeowners can receive a tax credit of up to $2000 or 30% of what they invested in purchasing solar panels. While originally only benefiting homes existing from 2005-2007, it was extended to cover almost any home in the United States primarily using solar energy back in 2008. This includes homes built through January 2009.
The Emergency Economic Stabilization Act was passed in 2008 in addition to this act. Solar panels are just one of the ways it provides people with even more incentives for using solar energy. It also adds more credit for people who intend to do home improvements in 2009 or beyond, as well as extending the Energy Policy Act of 2005. This bill favors the 30% rebate on investments in solar energy and removes the $2000 tax credit maximum. It is even retroactive in some instances.
There might also exist tax incentives for using solar panels on your home on the state level. New Mexico, Florida, Vermont, Minnesota, Washington, New York, Texas, Virginia, Arizona and California are some of these states. Some states carry no sales tax on solar panel equipment costs, while others have tax rebates. If you’re considering going the environmentally friendly route, it is certainly worth looking into. Professionals can install solar panels or you can buy a do-it-yourself kit. The tax incentives are well worth the switch either way.
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categories: solar panels,energy efficiency,eco-friendly,energy,environment,green living,home improvement,real estate,home,living,business,uncategorized,other,general
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