Stimulus Bills Improved the Solar Tax Credit
Purchasers of new residential solar electric systems are eligible for a full 30% tax credit. This means, for example, that if you purchase a solar electric system for $22,000, you can take $6,600 off the taxes you owe for that year, or subsequent year.
Purchasers of new residential solar water heating systems are also eligible for a full 30% tax credit. This means, for example, that if you purchase a solar hot water system for $8,000, you can take $2,400 off the taxes you owe for that year. If you purchase both types of systems, you can take both tax credits.
Business tax payers can get a 30% investment tax credit for solar electric and solar water heating systems as well as a 5 year depreciation schedule. How big is your tax burden? Cut it down to size and put solar energy to work for your business with the savings!