According to H.R. 1424, the Emergency Economic Stabilization Act of 2008, The solar investment tax credit (ITC) provisions will:
· Extend for 8 years the 30-percent tax credit for both residential and commercial solar installations;
· Eliminate the $2,000 monetary cap for residential solar electric installations, creating a true 30-percent tax credit (effective for property placed in service after December 31, 2008);
· Eliminate the prohibition on utilities from benefiting from the credit· Allow Alternative Minimum Tax (AMT) filers, both businesses and individuals, to take the credit;
· Authorize $800 million for clean energy bonds for renewable energy generating facilities, including solar.
- Source: Green Energy Ohio, www.greenenergyohio.org
Federal tax incentives:
Applicable sector: Residential
30% from for solar electric
Solar water heating: $2,000.
Fuel cells: $500 per 0.5 kW.
Small wind: $500 per 0.5 kW, up to $4,000.
Geothermal heat pumps: $2,000.
Hawaii incentives:
Applicable Sectors: Commercial, Residential, Multi-Family Residential
Solar Thermal and PV: 35%
Wind: 20%
