On October 3, 2008, George W. Bush signed the Emergency Stabilization Act of 2009, which extended the credits available for solar-powered energy systems and expanded the qualifying product requirements. This allows for a 30-percent tax credit on the purchase and installation of residential solar water heating, photovoltaic equipment, and fuel cell property.
Solar Star® Attic Fans, both roof mount and conversion kits, qualify for the category solar energy systems: photovoltaic systems, under the definition below:
“Property that uses solar energy to generate electricity for the residence and must meet applicable fire and electrical code requirements.
There are no specific technical requirements for photovoltaic systems. But all installed Solar Star Attic Fans must meet applicable fire and electrical code requirements to qualify.
The following products do not qualify for this tax credit:
Homeowners are eligible for tax credits for qualified photovoltaic systems purchased and installed between January 1, 2009 and December 31, 2016*.
For solar photovoltaic (PV) systems, the allowable tax credit is 30% of the qualified PV system expenditures, including both product and installation costs.
There is no credit cap for residential photovoltaic (PV) systems placed into service after December 31, 2008.
Unlike other consumer energy tax incentives, the dwelling does not need to be the primary residence (rental properties and second homes are eligible) and applies to both existing homes and new construction.
A tax deduction is subtracted from income before total tax liability is computed. On the other hand, a tax credit is subtracted directly from the total tax liability.
To qualify, tax payers should retain information that includes:
Yes, Solar Star Attic Fan DIY Kits – both roof mount and conversion kits – are eligible, as long as they meet the qualifying criteria and all applicable fire and electrical code requirements.
An ENERGY STAR® rating is not required for the photovoltaic system tax credit eligibility program.
Use the IRS Form 5695. The 2009 version, which will be available in late 2009 or early 2010.
Many local utilities provide financial incentives for energy-efficient products. To find out if rebates or incentives are available in your area, visit the ENERGY STAR rebate finder at energystar.gov.
For additional information please visit your state energy office website for specific state tax information or go to http://www.dsireusa.org/ the database of State Incentives for Renewables and Efficiency.
Our Team of Professionals will be happy to answer any questions you may have regarding potential Rebates, Incentives or Tax Credits.