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Tax credits afford discounts on renewable energy products
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Harnessing energy from the wind
If you've been thinking about solar panels or a wind generator for a few years you'll be delighted to know that the U.S. Government is offering a 30% tax break starting this year.
Renewable energy products such as solar panels and wind turbines are included in the American Recovery and Reinvestment Act of 2009.
How Businesses can get in on the Deal
Companies that retail products that meet the qualifications for this tax break will benefit from educating consumers. Market the tax credit and explain what this means for the consumer:
- Unlike a tax deduction the credit will qualify dollar for dollar.
- Itemizing their deductions at tax time will help the consumer lower their taxes owed to the government and for some may result in a tax refund.
Understand What Qualifies
This is the statement made by the United States Department of Energy regarding this tax credit...
Residential Renewable Energy Tax Credits
Consumers who install solar energy systems (including solar water heating and solar electric systems), small wind systems, geothermal heat pumps, and residential fuel cell and microturbine systems can receive a 30% tax credit for systems placed in service before December 31, 2016; the previous tax credit cap no longer applies.
Sources:
- Consumer Energy Tax Incentives, U.S. Department of Energy, accessed online May 1, 2009.
- Photo: Richard Dudley
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