Home»Financing» U.S. Treasury Department releases info on tax grant
U.S. Treasury Department releases info on tax grant
Posted on Jul 13, 2009
Traditionally when you install a solar electric system the federal government gives you a 30% tax credit, although the American Recovery & Reinvestment Act of 2009 turned the 30% tax credit into a grant. A tax grant works similar to refundable credit in which the federal government will send you a check up to 30% of the final cost of a system if placed in service by 2010. If you have a new construction project that starts in 2009 or 2010 then you have till 2016 to have your solar panels placed in service.
The type of properties that qualify for the 30% cash payment from the treasury is still undetermined, although we know for sure individuals do not qualify for the tax grant but only a tax credit, only business entities qualify to apply for the 30% cash payment for installing solar panels. The Treasury department released a guidance document to help you learn about the program before applications are accepted.