More Good News for Investing in Solar Energy
The measures enacted by the American Recovery and Reinvestment Act passed by Congress on February 11, 2009, are nominally worth $787 billion of which $6 billion are allocated for renewable energy and electric transmission technologies. Additionally, $4.5 billion was allocated to make federal office buildings more energy efficient and $6.3 billion was reserved for increasing energy efficiency in federally supported housing projects.
There are numerous grants available for renewable energy and renewable energy loan guarantees. If you are one of the newly unemployed looking to diversify for the economic downturn, the government has appropriated $500 million to fund “green Collar” jobs in renewable energy and energy efficiency. Many local community colleges and technology centers are recruiting professionals to educate the trades about solar and related renewable energy technologies.
Besides provisions for individuals and businesses to encourage investment in solar energy, the Act made the Business Energy Tax Credit a permanent part of the Tax Code. These industry tax credits should not be confused with the 30% tax rebate available to individuals and businesses for solar hot water, solar electric and related applications. For a better understanding of the various credits available to individuals and businesses offered by your state, you can log onto www.dsireusa.org/.
Solar energy is a fairly new technology, and the requirements to qualify for the numerous tax credits offered by the federal government can be complicated. If you have specific questions about how you benefit from the solar tax credits, you should consult a certified public accountant or tax attorney. For more information, you can also contact one of the expert solar consultants at Sun City Energy at 918-494-0886. SunCityEnergy.com – Energy at the Speed of Light.