As of the end of 2008, Congress revised the Emergency Emergency Economic Stabilization Act of 2008, which a includes a provision where households, farms and corporates can now offset a portion of their small wind turbine cost against their tax.
The Act offers a federal tax credit for 30% of the total installed cost of any wind power system with a 100 kilowatt capacity or less, but the credit will not exceed $4,000. The limitation of the Act is that it only applies to new systems installed from 3 October 2008 through to December 2016, so any current systems will get no tax relief. In addition, for home wind turbines, the credit is further limited to the lesser of $4,000 or $1,000 per kW of capacity.
In the past, the United States led the global small wind turbine industry, but it started to slump with other countries offering higher subsidies for household renewable energy solutions. So Ron Stimmel, a small wind advocate for the American Wind Association (AWEA), accepted the new Act with open arms, and he had this to say:
"The AWEA thanks President Bush for acknowledging and promoting the role of small wind power solutions towards our energy security and environmental concerns. These subsidies will promote Americans to save on energy costs, while reducing global warming in a big way."
This bill is the first federal incentive for small wind turbines since 1985, and industry members believe the credit could grow the U.S. wind power market by 40% or more annually. And along with the upcoming equipment certification scheme, it will help secure it as the global leading market.
If it were not for the persistence of the AWEA requesting a 30% tax credit for small wind turbines (of no more than 100 kilowatts in capacity), perhaps the wind power marker would never have been able to compete equally with the photovoltaic (PV) market.
With both the wind and solar power industries operating in the same renewable energy market, it made sense that the legislation also offers tax relief for solar power installations. Small solar power owners receive 30% credit on the cost of the system, limited to four thousand dollars. And commercial solar owners get an unlimited 30% tax credit on their installation costs.
But what if someone installs their own small wind turbine? It appears that do-it-yourself installations will also get tax relief, as long as they can offer proof of all the cost and when they were incurred. But, it is always recommended to get sound legal advice to help you get the highest tax relief possible.
Thanks to the new legislation, together with existing state tax incentives, everyone can benefit from having their own home solar power and small wind turbine at home. Whether you decide to invest in an expensive expert solar/wind energy system, or plan to build and install it yourself, massive power and tax savings are within your grasp. It just requires you to take some action. - 29955
The Act offers a federal tax credit for 30% of the total installed cost of any wind power system with a 100 kilowatt capacity or less, but the credit will not exceed $4,000. The limitation of the Act is that it only applies to new systems installed from 3 October 2008 through to December 2016, so any current systems will get no tax relief. In addition, for home wind turbines, the credit is further limited to the lesser of $4,000 or $1,000 per kW of capacity.
In the past, the United States led the global small wind turbine industry, but it started to slump with other countries offering higher subsidies for household renewable energy solutions. So Ron Stimmel, a small wind advocate for the American Wind Association (AWEA), accepted the new Act with open arms, and he had this to say:
"The AWEA thanks President Bush for acknowledging and promoting the role of small wind power solutions towards our energy security and environmental concerns. These subsidies will promote Americans to save on energy costs, while reducing global warming in a big way."
This bill is the first federal incentive for small wind turbines since 1985, and industry members believe the credit could grow the U.S. wind power market by 40% or more annually. And along with the upcoming equipment certification scheme, it will help secure it as the global leading market.
If it were not for the persistence of the AWEA requesting a 30% tax credit for small wind turbines (of no more than 100 kilowatts in capacity), perhaps the wind power marker would never have been able to compete equally with the photovoltaic (PV) market.
With both the wind and solar power industries operating in the same renewable energy market, it made sense that the legislation also offers tax relief for solar power installations. Small solar power owners receive 30% credit on the cost of the system, limited to four thousand dollars. And commercial solar owners get an unlimited 30% tax credit on their installation costs.
But what if someone installs their own small wind turbine? It appears that do-it-yourself installations will also get tax relief, as long as they can offer proof of all the cost and when they were incurred. But, it is always recommended to get sound legal advice to help you get the highest tax relief possible.
Thanks to the new legislation, together with existing state tax incentives, everyone can benefit from having their own home solar power and small wind turbine at home. Whether you decide to invest in an expensive expert solar/wind energy system, or plan to build and install it yourself, massive power and tax savings are within your grasp. It just requires you to take some action. - 29955
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