Tax Credit for Going Solar

 


Article by: Rick Chapo

As we sit in the middle of winter, , Seven Interior Design Psychology Ideas for Dining Pleasure most people can't believe how high their utility bills are. Going with solar energy , Home Improvement can lower your bills and you get a hefty tax credit Solar , Selecting area rugs for your home or office Tax Credit Solar , Vacuum Cleaners The Next Generation energy , Quality Composite Decking is a clean, renewable energy , Improving Bathrooms ¬Ė The Specifics source. The production of solar energy , Evolution Of The Sauna Heater on residential and commercial structures creates no pollutants and is starting to make serious financial sense. In 35 states, the concept of net metering is now an established fact. Net metering simply means you can sell energy , Solar Systems for Pools from solar , Fireplace Buying Tips panel systems back to utilities, thus eliminating or seriously reducing utility bills. As oil and natural , Home Improvement gas costs skyrocket, the Federal Government is doing even more to promote the use of solar , Remodel or Move? Make the Right Decision energy. , Installing a Brick or Paver Walkway In 2005, Congress enacted the Energy , Home Water Filtration for Shower and Drinking Purpose Policy Act. As part of the act, a tax credit was established for any person purchasing and installing residential solar energy , Seven Interior Design Psychology Ideas for Dining Pleasure systems for electric , Storage Shed Kits and water , Designing Professional Porch Railings heating purposes. If you purchase and install solar , Remodel or Move? Make the Right Decision systems for either of these purposes, you can take a 30 percent tax credit. If you install systems for both of these purposes you can double the tax credit. To avoid tax abuse, each tax credit has a cap of $2,000. Importantly, tax credits are far more valuable than tax deductions. Tax deductions are taken from your gross income prior to figuring the amount of tax owed. Tax credits are a dollar for dollar reduction of the actual amount of tax you owe. For instance, if you prepare your tax returns and find you owe $5,000 to the IRS, a tax credit would be deducted from this $5,000 figure. In short, a tax credit gives you a lot more bang for your buck. To claim the solar , Quality Composite Decking tax credit, there are a few restrictions and requirements. First, you can't claim the tax credit if you use the solar , Getting a Handle on Cabinet Knobs system to heat , Replacement Windows and Double Glazing - Essential Buyers Tips a hot , Let The Professionals Clean Your House tub or pool. Second, the system must be certified by a solar , Spring Into Action: Home Maintenance rating certification corporation to establish that you, in fact, installed a working system. Third, the system must be activated between January 1, 2005 and the end of 2007. Finally, you cannot claim the credit if the government gave you a grant or financing to purchase the system, to wit, no double dipping. When solar energy , Sealing Hardwood Flooring- Doís and Doníts For New Floors is discussed as a potential alternative energy , Solar Systems for Pools source, most supporters point to the environmental , Adjustable Bed - Start Each Day on the Right Note benefits. Ultimately, the benefits to ones bank account will really make the difference and the solar , Water Ionizers Counters the Effects of Urbanization tax credit is a solid step in that direction.

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