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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...

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30% cash payment to install solar panels?

Is it really raining money for people who install solar panels? Yesterday, at the Denver Museum of Nature & Science President Obama first toured the museum’s solar panel installation right before he singed the American Recovery and Reinvestment Act, into law. The 787 billion dollar stimulus package is very supportive of energy efficiency and renewable energy. The most interesting incentive in the energy section of the stimulus package is the federal tax credit of 30% for installing solar panels is now going to be offered as a 30% solar grant. This means, within 60 days of installing a solar electric system the U.S. Treasury Department will send you a check for 30% of the total installed cost. Isn’t that unbelievable?! For the first time ever the federal government will give you a cash payment to install solar panels! Sounds too good to be true. There is a lot of uncertainty behind how the “federal solar grant” is going to really work since the administration has not drafted the terms yet, which is expected to be completed within 30 to 60 days. Rumors are flying around as people are guessing how this incentive is going to be formulated. People are saying residential installations will not qualify for the 30% federal solar grant only corporations will be able to snap up free money to install solar panels, bummer for homeowners. Also the solar grant maybe taxable as income on the state level, but it’s all speculation until the administration clearly defines how it’s going to work. I sure hope everyone who installs solar panels both homeowners and businesses will qualify for the grant. It would be unfair to exclude individuals, since they’re taxpayers too. Don’t you agree? What have you heard about the historic solar grant? What do you think about the 30% solar...

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