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will homeowners pursue energy tax credits?

The Obama administration has offered unprecedented incentives to U.S. homeowners who install solar energy, wind turbines and efficiency products to save energy. Now through 2010 as part of the economic recovery package, homeowners together can reap billions of dollars in tax credits as an incentive to at least take a second look into green energy technologies. A recent survey conducted by Opinion Research Corporation concluded that millions of U.S. homeowners intend to take advantage of the generous tax credits offered for energy upgrades in 2009. According to the survey respondents, saving money in general was the primary reason people consider energy efficiency upgrades. 40% of the respondents said monthly savings on their utility bills was the key reason for planning upgrades to save energy. 30% of the respondents stated that energy upgrades would improve the comfort of their home and for those respondents that is why will take advantage of the tax credits this year. Only 13% of the people surveyed said they would be investing into green energy technologies to reduce their carbon footprint. I suppose U.S. consumer care more about the green in their wallet over protecting the environment since saving money is the most important motivator in making a decision in buying energy upgrades. Even though many of the respondents agreed that the 30% federal tax credit was a great incentive to look into installing green energy this year, a total of 41% said the tax credit would need to exceed 40% of the final purchase price to encourage them to pursue a home energy efficiency upgrade. In my opinion, the most interesting piece of information reviled by the survey was that 72% of consumers had no idea how to apply for the federal tax credits, state incentives and other rebates offered by local utilities. I think this is our biggest barrier in terms of getting people started with green energy, making the process easier for them so consumers don’t have to think about it. Currently it seems like the process is too complex which holds back the adoption rate of green energy technologies. If your interested in learning more about tax credits, rebates and other incentives you’ll receive for investing in check out DSIRE, it’s the most up to date database to learn about what is available for you. You can always give us a call, we help consumers figure out how much in incentives they will receive if they invest in green...

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reduce your tax bill, invest in solar panels

April 15th, the most dreaded day for Americans since its the last day to pay off the IRS. How much did you pay Uncle Sam this year? Some Americans paid less to the IRS this year by taking advantage of the generous tax credits given to homeowners and businesses to install solar panels that generate electricity or heat water. Before 2009, individuals were capped at a $2,000 tax credit maximum, but this year was historic in terms of how much money people are receiving for installing renewable energy. Individuals and corporations can take a full 30% of the final installed cost of the system as a tax credit against your tax bill. Deductions, reduce your taxable income, tax credits on the other hand are a dollar-for-dollar reduction of your tax liability. It’s quite simple to claim the investments you made in solar panels or wind turbines, take a close look at the Tax Credit section on the 1040, you’ll notice a renewable energy section in which you can enter the credit you qualify for. If you’re interested in learning more about the tax credits you qualify for installing renewable energy check out...

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Renewable Energy Tax Credits Extended!

Woo Hoo! The Solar and Small Scale Wind Power tax credit has been extended for 8 years today! This is a major relief for the renewable energy industry because many people were worried that congress would not pass the tax credit and the industry would go into a downward spiral after December 31st, 2008. The house of representatives extended the renewable energy tax credits packaged together with the highly controversial bailout bill. The renewable energy provisions included: Extends for 8 years the tax credit for both residential and commercial installations. Eliminates the $2,000 cap for residential solar power installations, thus allowing home owners to realize a full 30% tax credit! Allows families who have hit the Alternative Minimum Tax (AMT) can still claim the renewable energy tax credit. Although a great day for America’s energy independence movement, the extension of the renewable energy tax credit will lead to millions of new “green” jobs over the next 8 years. I’m happy to hear that the tax credit was finally approved, its been kicked around in congress for over a year without any luck, it took this country a financial meltdown for it to pass because the senate on Tuesday stuck the renewable energy tax credit in the economic bailout bill. This is a double edge sword, its great to see green energy industry getting a boost, but at the expense of also bailing out wall street for the mistakes they have made, which is privatizing profits and socializing losses. Please...

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Georgia supports solar energy by offering rebates.

Today, California represents 85% of the US solar energy market, because the state gave generous rebates to residents who installed solar energy to produce electricity or heat water. As residents continue to install solar energy systems the level of the rebate diminishes, the tides are turning now, more states are creating their own incentives to urge their own residents to install solar energy systems. Georgia, is a state using California’s successful rebate program as an example and approved a state rebate program last month for corporations and individuals that decide to install a solar electric or solar water heating systems. The state rebates Georgia will off to its residents take effect July 1st 2008 and will continue until the year 2012. This is great news that states are leading the way to provide rebates to support the growth of solar energy….it is so important for states to continue to provide rebates and incentives for their residents to consider renewable energy. As we move forward I feel that more states will open up rebate programs and California will no longer be the “holly grail” of the solar energy market in the USA. According to DSIRE.com (a database of tax credits and incentives for renewable energy and energy efficency. They summarize the Georgia state rebate program quite well, In May 2008, Georgia enacted legislation establishing personal and corporate tax credits for renewable energy equipment and certain energy-efficient equipment installed and placed into service. For renewable energy property used for any purpose other than single-family residential purposes, the tax credit is equal to 35% of the cost of the system (including installation), $0.60/square foot for lighting retrofit projects, and $1.80/square foot for energy-efficient products installed during construction. The credit is subject to various ceilings depending on the type of renewable-energy system or project. The following credit limits for various technologies apply: A maximum of $100,000 per installation for domestic solar water heating A maximum of $500,000 per installation for photovoltaics (PV), solar thermal electric applications, active space heating, biomass equipment and wind energy systems A maximum of $100,000 per installation for Energy Star-certified geothermal heat pumps A maximum of $100,000 for lighting retrofit projects A maximum of $100,000 for energy-efficient products installed during construction. For more information on the rebate program in Georgia, please follow the link below: Information on NEW Georgia Renewable Energy Rebate...

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