 |  |  |  |  |  |  |
Now is a very good time to invest in solar and alternative energy technologies!
Combined available tax credits can represent 35 to 45 percent, in most cases!
Federal Tax Credits (solar system credit on Federal Tax Returns)
Residential Solar Tax Credit - The federal solar tax credit presently returns 30% of
installed cost, established in the Energy Policy Act of 2005, capped at $2,000 for
PV Systems and solar water heating systems. Thermal solar systems used primarily
for heating hot tubs and pools aren't eligible.
Business Solar Tax Credit and Fuel Cell Tax Credit - 30% business credit, established
in Energy Policy Act of 2005, for the purchase of fuel cells and solar energy
equipment. Credit can also be applied toward solar fiber-optic equipment for
interior lighting.
Note: The federal tax credit applies only to your net system cost after state
incentives.
New York State Tax Credit (save on your NY State Taxes) - New York allows you to
claim a tax credit equal to 25% of the cost of solar thermal and photovoltaic
systems, with a maximum credit of $5,000 toward each system.
NY state also exempts solar systems from sales tax and gives homeowners a
15-year real property tax exemption on the improvement.
Combined available tax credits can represent 35 to 45 percent, in most cases!
Federal Tax Credits (solar system credit on Federal Tax Returns)
Residential Solar Tax Credit - The federal solar tax credit presently returns 30% of
installed cost, established in the Energy Policy Act of 2005, capped at $2,000 for
PV Systems and solar water heating systems. Thermal solar systems used primarily
for heating hot tubs and pools aren't eligible.
Business Solar Tax Credit and Fuel Cell Tax Credit - 30% business credit, established
in Energy Policy Act of 2005, for the purchase of fuel cells and solar energy
equipment. Credit can also be applied toward solar fiber-optic equipment for
interior lighting.
Note: The federal tax credit applies only to your net system cost after state
incentives.
New York State Tax Credit (save on your NY State Taxes) - New York allows you to
claim a tax credit equal to 25% of the cost of solar thermal and photovoltaic
systems, with a maximum credit of $5,000 toward each system.
NY state also exempts solar systems from sales tax and gives homeowners a
15-year real property tax exemption on the improvement.
