Using Tax Credits To Minimize Your Small Wind Turbine Cost
As of the end of 2008, Congress revised the Emergency Emergency Economic Stabilization Act of 2008, which a includes a provision where households, farms and corporates can now offset a portion of their small wind turbine cost against their tax.
The Act has allowed us to get a tax credit of 30% of the cost of our wind power system, provided that it's power capacity does not exceed one hundred kilowatts, and the credit is limited to $4000. However, there are a few problems with the Act. Firstly, it does not apply for wind generators installed before 3 October 2008. Secondly, with home wind turbines, the credit is further limited to the lesser of one thousand dollars per kilowatt and four thousand dollars.
America, who has typically lead the worldwide small wind turbine market recently begun to feel pressure from other nations that offered enticing incentives for small renewable energy systems. So the new legislation was warmly welcomed by a Small Wind Advocate of the American Wind Energy Association (AWEA), Ron Stimmel, who said:
"Congress should be thanked for realizing and supporting the small wind turbine industry as a vital player in our energy security and greener environment. These tax incentives will encourage households to reduce their power costs, and fight global warming in a real way."
This is the first federal tax credit for small wind power systems since 1985, and experts predict the legislation could expand the American wind energy industry by 40 percent or greater each year. And together with the soon-to-be finalized equipment certification system, this will aid in securing the U.S. as the leading market worldwide.
The legislation was brought about thanks to the AWEA's persistent requests for the the wind power market to be able to compete equally with the solar power industry. The AWEA was determined for small wind turbine owners to receive a 30% tax credit on the cost, provided their systems were no bigger than one kilowatts.
Since the two markets compete in the same renewable energy industry, the Act also provides tax relief for solar power systems of 30 percent of the cost, restricted to $4000. Larger, commercial solar energy solutions get the same, but unrestricted 30% credit.
But what if someone installs their own small wind turbine? It appears that do-it-yourself installations will also get tax relief, as long as they can offer proof of all the cost and when they were incurred. But, it is always recommended to get sound legal advice to help you get the highest tax relief possible.
With all these state and federal tax credits for renewable energy homeowners, it makes sense to get your own small wind turbine at home. No matter whether you buy an expensive commercial home wind turbine, or learn to build a cheaper one yourself, the potential for you to save a lot of money on electricity and tax expenses is a decision away. It just requires you to make the right choice.
The Act has allowed us to get a tax credit of 30% of the cost of our wind power system, provided that it's power capacity does not exceed one hundred kilowatts, and the credit is limited to $4000. However, there are a few problems with the Act. Firstly, it does not apply for wind generators installed before 3 October 2008. Secondly, with home wind turbines, the credit is further limited to the lesser of one thousand dollars per kilowatt and four thousand dollars.
America, who has typically lead the worldwide small wind turbine market recently begun to feel pressure from other nations that offered enticing incentives for small renewable energy systems. So the new legislation was warmly welcomed by a Small Wind Advocate of the American Wind Energy Association (AWEA), Ron Stimmel, who said:
"Congress should be thanked for realizing and supporting the small wind turbine industry as a vital player in our energy security and greener environment. These tax incentives will encourage households to reduce their power costs, and fight global warming in a real way."
This is the first federal tax credit for small wind power systems since 1985, and experts predict the legislation could expand the American wind energy industry by 40 percent or greater each year. And together with the soon-to-be finalized equipment certification system, this will aid in securing the U.S. as the leading market worldwide.
The legislation was brought about thanks to the AWEA's persistent requests for the the wind power market to be able to compete equally with the solar power industry. The AWEA was determined for small wind turbine owners to receive a 30% tax credit on the cost, provided their systems were no bigger than one kilowatts.
Since the two markets compete in the same renewable energy industry, the Act also provides tax relief for solar power systems of 30 percent of the cost, restricted to $4000. Larger, commercial solar energy solutions get the same, but unrestricted 30% credit.
But what if someone installs their own small wind turbine? It appears that do-it-yourself installations will also get tax relief, as long as they can offer proof of all the cost and when they were incurred. But, it is always recommended to get sound legal advice to help you get the highest tax relief possible.
With all these state and federal tax credits for renewable energy homeowners, it makes sense to get your own small wind turbine at home. No matter whether you buy an expensive commercial home wind turbine, or learn to build a cheaper one yourself, the potential for you to save a lot of money on electricity and tax expenses is a decision away. It just requires you to make the right choice.
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