economic recovery act of 2009 helps you buy solar
The American Recovery and Reinvestment Act of 2009 passed earlier this year resulted in historic events for the solar power industry. But I noticed that many people out there are still not aware of the benefits. Today I want to highlight the key benefits this legislation has brought to people and organizations who choose to invest in solar panels.
- tax paying corporations now qualify for a 30% federal tax grant in lieu of a tax credit. A “tax grant” works similar to a rebate in which the U.S. Treasury Department will send a corporation 30% cash payment based off the final cost of the system. This is a limited time offer, only solar electric systems which commence installation before the end of 2010 will qualify.
- 50% bonus depreciation has been extended for corporations who install solar panels by the end of 2009
- $2,000 tax credit cap has been eliminated for solar hot water systems, now solar thermal panels can qualify for the full 30% tax credit.
There are many more provisions in the law that helps develop renewable energy technology, SEIA (solar energy industry association) has put together an executive summary that’s really helpful, check it out below:
