New 2009 Solar Tax Incentive

New residential solar electric installations can benefit from a significantly improved federal tax credit that went into effect January 1, 2009.

Homeowners who purchase a solar electric system can now reduce their federal income tax liability by 30% the cost of the installation – effectively having the government pay close to a third of the cost. This is the first significant solar incentive available to homeowners in Idaho. The incentive for businesses is even greater. In addition to the 30% tax credit, businesses who install solar electric or solar heating systems can take advantage of accelerated depreciation on solar property over just 5 years.

Industry leaders forecast the extension and enhancement of the solar investment tax credit (ITC) will lead to dramatic growth in the U.S. solar market. Incentives in places as diverse as Germany and California have successfully driven the demand for solar installations. That demand has created new jobs in a future-oriented industry that reduces both the demand for foreign oil and the causes of climate change.

In the global competition for leadership in the solar industry, Germany upped the ante significantly in 2000 with a pioneering incentive for solar installations. The German renewable energy law, which goes by its German acronym of EEG, offers to buy power produced by renewable means at $0.48 per KWh, or twice the market rate, for a contract period of 20 years. Despite a cloudy northern European climate with half the sunshine of the U.S. sunbelt, the German solar incentives results have been impressive, including

• more than 50% of worldwide solar installations going into Germany

• 40,000 new future-oriented solar jobs in Germany, projected to grow to 200,000 by 2020

The improvements to the federal solar ITC are expected to spur growth in U.S. solar installations and narrow the gap in the international competition for solar technology and jobs. According to an economic study by Navigant Consulting, Inc. (commissioned by Solar Energy Industries Association) by extending the solar ITC by 8 years, the federal incentive is expected to “create 440,000 permanent jobs and unleash $325 billion in private investment in the solar industry.”

Read the full story.

600450 New 2009 Solar Tax Incentive

See more news about:

Others also read

We sincerely thank all our members, friends and visitors for being part of GlassOnWeb and its success during 2009.
For further upscaling, the plant has provision for a second float line which can support an additional 850 tonnes per day.  With an aim to further strengthen its leadership position in the glass industry, the Rs15bn.
A prestigious international prize states the poetic beauty and the architectural value of “Tiberio's Baths” in Panticosa (Spain), the new health and wellbeing centre in the heart of the Spanish Pyrenees made entirely using special glass blocks with a trapezoidal section.
During the annual Dujat December Dinner on Thursday 10 December 2009, Minister for Economic Affairs, Ms.
A team of researchers from the University of Vigo, Rutgers University in the United States and Imperial College London, in the United Kingdom, has developed "laser spinning", a novel method of producing glass nanofibres with materials.
Chicago — December 17, 2009 — Designers and engineers examined the product pages on nearly one million times in 2009 in hopes of finding the right materials or technologies for their projects.

Add new comment