The stimulus package being signed into law today provides a federal grant of 30% of the installed cost of a solar PV system to be paid to the buyer in lieu of the tax credit. This means anyone installing a system in 2009 or 2010 gets a check instead of a credit!
Renewable Energy Grants
· Creates a new program through the Department of Treasury that provides grants equal to 30 percent of the cost of solar property placed in service during 2009 and 2010, in lieu of the section 48 investment tax credits. (Div. B, Sec. 1104, p. 38) Property that is not placed in service prior to December 31st, 2010 qualifies for the grant program as long as construction begins prior to December 31st, 2010 and is placed in service by January 1, 2017. Applications must be filed by October 1, 2011. (Div. B, Sec. 1603, p. 153)
Also the limits of the tax credit have been lifted:
Section 25D provides a personal tax credit for the purchase of qualified solar water heating property that is used for a purpose other than heating swimming pools and hot tubs. The 30 percent ITC has a monetary cap of $2,000. This provision removes the $2,000 cap, providing a full 30 percent credit for qualified solar water heating property. The credit may be claimed against the alternative minimum tax. (Div. B, Sec. 1122(a), p. 46)
Call or email me today to find out what this means for YOU!
albert@solutionsforpower.com
408-761-2679
All my best,
--al
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