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  • TWC is the wine swilling mayor of Two Guns Arizona who was formerly a prolific wine blogger. Some of that remains and to get right to the wine reviews without further distraction, click The Wine Commonsewer Speaks. The rest of the enchilada is an eclectic mix of commentary on culture, food, tax, and econ 101.

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January 14, 2010

Renewable Energy Tax Credits

Good Morning Gentle Readers,

Briefly, the renewable energy credit is equal to 30% of qualified expenditures for a system that serves a dwelling unit located in the United States and used as a residence by the taxpayer. The credit is not refundable to you if it exceeds your tax liability. However, the credit can be carried forward until tax year 2016. At this time CONgress has not clarified whether you may carry the credit forward beyond 2016.

It is a package deal that includes all expenses incurred in connection with the installation. The "placed in service" date is determined by occupancy date for a newly built home and by the completion date of the installation for existing homes. 

The Solar Energy Industries Association (SEIA) answers FAQ regarding the federal tax credits for solar energy.

Solar Electric Property

  • There is no maximum credit for systems placed in service after 2008.
  • Systems must be placed in service before December 31, 2016.  
  • The home served by the system does not have to be the taxpayer’s principal residence.

Solar Water Heating Property

  • There is no maximum credit for systems placed in service after 2008. 
  • Systems must be placed in service before December 31, 2016.  
  • Equipment must be certified for performance by the Solar Rating Certification Corporation (SRCC) or a comparable entity endorsed by the government of the state in which the property is installed.  
  • At least half the energy used to heat the dwelling's water must be from solar in order for the solar water-heating property expenditures to be eligible.  
  • The tax credit does not apply to solar water-heating property for swimming pools or hot tubs.
  • The home served by the system does not have to be the taxpayer’s principal residence.

Small wind-energy property

  • There is no maximum credit for systems placed in service after 2008. The maximum credit is $500 per half kilowatt, not to exceed $4,000, for systems placed in service in 2008.  
  • Systems must be placed in service on or before December 31, 2016.  
  • The home served by the system does not have to be the taxpayer’s principal residence.

Geothermal heat pumps

  • There is no maximum credit for systems placed in service after 2008.
  • Systems must be placed in service on or before December 31, 2016.  
  • The geothermal heat pump must meet federal Energy Star program requirements in effect at the time the installation is completed.  
  • The home served by the system does not have to be the taxpayer’s principal residence.

As Ever,

TWC

Wine_glass_pour_bottle Tip of the glass to the Database of State Incentives for Renewables & Efficiency

TWC 🍷

Photo Credit (unless otherwise noted): ©TWC, all rights reserved

Posted by on January 14, 2010 at 04:48 PM in Tax Information |

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