Just a few months back, before President Bush left office, he signed the revised Emergency Economic Stabilization Act of 2008 into law. In that legislation is a an opportunity for small businesses, farms, and residents to credit some of their small wind turbine cost against their tax expenses.
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.
Traditionally North America has had the largest market in the small wind turbine industry, but lately it was getting under-cut by its European rivals who offered greater tax relief for small wind turbine systems. So the tax incentives were very much loved by Ron Stimmel, a small wind advocate for the American Wind Energy Association (AWEA), who said:
"We thank Congress for recognizing and supporting small wind systems as an important contributor toward energy security and a cleaner environment. This credit will help individuals cut their electric bills while combating global warming in a tangible 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.
To put the industry on equal grounds with the photovoltaic (PV) solar industry, the AWEA, and its members have long requested a 30% federal investment incentive for small wind turbines 100kW and smaller. And now their persistence has paid off.
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.
With all these state and federal tax credits for renewable energy homeowners, it makes sense to get your own small wind turbine at home. No matter whether you buy an expensive commercial home wind turbine, or learn to build a cheaper one yourself, the potential for you to save a lot of money on electricity and tax expenses is a decision away. It just requires you to make the right choice.
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.
Traditionally North America has had the largest market in the small wind turbine industry, but lately it was getting under-cut by its European rivals who offered greater tax relief for small wind turbine systems. So the tax incentives were very much loved by Ron Stimmel, a small wind advocate for the American Wind Energy Association (AWEA), who said:
"We thank Congress for recognizing and supporting small wind systems as an important contributor toward energy security and a cleaner environment. This credit will help individuals cut their electric bills while combating global warming in a tangible 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.
To put the industry on equal grounds with the photovoltaic (PV) solar industry, the AWEA, and its members have long requested a 30% federal investment incentive for small wind turbines 100kW and smaller. And now their persistence has paid off.
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.
With all these state and federal tax credits for renewable energy homeowners, it makes sense to get your own small wind turbine at home. No matter whether you buy an expensive commercial home wind turbine, or learn to build a cheaper one yourself, the potential for you to save a lot of money on electricity and tax expenses is a decision away. It just requires you to make the right choice.
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