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NEW Solar/Wind Energy Tax Credit for Log Homes

On October 3rd. President Bush signed into law the Energy Improvement and Extension Act of 2008 as part of H.R. 1424, the Emergency Economic Stabilization Act of 2008. The primary energy provision that was extended under this Act that pertains to our industry is:

Extends through 2016 a 30 percent tax credit for investment in solar energy and certain fuel cell properties, a 10 percent tax credit for investment in micro-turbines, and a tax credit for a residence solar property.

Until now, the tax incentives for homeowners to convert to solar or wind energy were minimal. A maximum Federal tax credit for homeowners was only $2,000 for photovoltaic systems and $2,000 for solar water heating systems in any tax year.

This new provision makes several huge improvements on previous Acts. It extends the credit period for an additional eight years to 2016 (was to expire 12/2008) and it scraps the previous $2,000 credit cap, which didn’t significantly help defray costs for most solar installations. What’s more, these tax credits, along with incentives that many states have instituted, mean that homeowners may be able to recoup a substantial percentage of their costs of converting to solar or wind energy.

Another improvement under the new law is that the tax credit is made applicable against the alternative minimum tax (AMT). Under the former Energy Act, you were not permitted to use this credit to reduce your income level below the AMT. Now this credit can be used to offset the alternative minimum tax.

Over the years, advocates of wind energy have petitioned Congress to permit federal tax credits to extent to small wind turbines to encourage more homeowners to utilize such energy saving devices. The new law gives a 30% credit (capped at $4,000) on the installed cost of small wind turbines (defined as those with rated capacities of 100 kilowatts or less) for both commercial and residential use.  You can now afford to convert your log home or cabin to green, renewable solar or wind energy and get a huge tax credit.

Congress has created a substantial tax incentive for homeowners to encourage conversion of their log homes or cabins to solar or wind energy. If you are interested in learning how to generate power and reduce your electric bill you now have all the incentive you need. There is no better time than now to stop throwing money out the window and start generating your own electricity with a solar or wind power system you can setup for $200 or less!

If you want to reduce your power bills or completely eliminate them, convert your home to green, free, renewable energy, you need to see this alternative energy website.

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