30% Federal Tax Credit For Solar Power Grant Under The New Stimulus Act
From: Home Energy Free
Did you know that by making your home more energy efficient using a solar power grant that you will be eligible for a 30% federal tax credit? The American Recovery and Reinvestment Act, also known as the Stimulus Act of 2009 has expanded the benefits to homeowners by allowing a credit of up to 30% of all costs for energy efficient homes. Most people are starting to understand how geo thermal heating is becoming more popular every day for many different reasons. It is now important for you to understand this.
By using solar power in your home, not only will you be able to save more money on your energy bill each month, but you will also be helping save the environment because this energy source is definitely much easier on the planet.
It is always a smart idea for anyone that is thinking about using solar power for your home, to do your own research. Not only about solar power, but also the many tax advantages there are to having a home that uses solar power. This will give you a much better idea of what the tax advantages are for you and your home.
It is also important to know how the average homeowner will be able to qualify and start using these tax incentives to your advantage. Here is what you need to know.
1. According to the current guidelines, the residence that is going to use solar power must be owned by you, the taxpayer that will be claiming the credit. The residence doesn’t have to be your primary place to live, a vacation home or second home will be eligible also. Plus, the home must be located in the U.S.
2. Your solar power system has to be certified by a Solar Rating Certification Corporation or a qualified agent.
3. For anyone that will be installing a solar water heating system to your home, in order to qualify, at least one half of the hot water must be heated by this new system.
4. When installing a solar system, it has to be installed after January 1, 2009 in order to be able to claim the maximum allowable credit. Always double check with research to make sure you understand the qualifications for this according to the new stimulus act.
5. Don’t apply for tax credits until the system has been completed and is operational because you won’t get it. The system has to be completed and working in order to get the tax credit.
Now that you know more about how you can get a 30% federal tax credit and how to qualify for it, it is important to take time for your own research so you can be sure you understand it completely. Just remember that for anyone thinking of checking into a solar power grant for geo thermal heating in your home will definitely have good tax advantages and this makes it worth the time and money spent.
Wise Power Systems, Inc. is a full service supplier of consumer-sized wind and solar power installations. We are located in Wilmington, Delaware and serve customers in the Mid-Atlantic region. For more information, go to http://wisepowersystems.com or all Bill Rawheiser at (302) – 351 – 4613 or e-mail at williamr@wiseps.com.
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