2009 Solar Incentive Guide

Interested in saving money and helping to reduce CO2 emissions?  Do you know what your carbon footprint is? Take a few minutes and calculate your household carbon footprint.  Have you toyed with the idea of solar power, but are hold back, not ready to make the commitment. Going solar can be expensive. Fortunately, recent programs and initiatives have dramatically reduced the cost of installing solar panels at home.

It may be time to reevaluate and spent some time before you spend your money.  You need to create an energy budget.  What’s your impact on planet?  Can you make a go of it and save a few bucks?  1CV thinks many Massachusetts homes and buildings can introduce some solar energy recovery units cost effectively.

Check out the following information related to currently available Federal, State, and Local tax and incentive schemes available and see if going solar is right for you.

 

Federal Information

Installation Tax Credit As long as the solar equipment is "ready and available for use" by 2016, the Federal tax credit is an uncapped 30% of the cost of purchase and installation. The credit for solar-electric systems placed in service before January 1, 2009 is capped at $2,000.

Qualifying Technology	Description	Incentive: Tax Credit	What You Need
Photovoltaic Systems	Photovoltaic systems must provide electricity for the residence, and must meet applicable fire and electrical code requirement.	30% of cost	Use IRS Form 5695 Must be placed in service before December 31, 2016.

In order to receive the credit, you'll also need a Manufacturer Certification Statement which verifies that the product qualifies for the tax credit. You won't need to submit the statement, but you will need to keep it just in case you're lucky enough to be audited!

You can click here to see a FULL Summary of the Federal tax credit for solar and other residential home improvements.

Also click the link in the box above, or click here to see the tax form you'll need to complete for the credits.