RSSWhat Are Solar Energy Credits?
Jan 27
Personal Finance solar energy credits Comments Off
Solar energy credits are a great way to save money and help save the environment at the same time. Basically, they work by letting people who use solar energy in their homes claim a tax credit when they file their taxes. When the solar energy credit was first introduced in 1978, it was a fairly small credit. At that time taxpayers could only claim a 12 percent credit, and it was further lowered to just 10 percent in the 1980s.
However, today’s government is increasingly aware of the importance of renewable energy like solar power. As a result, they have increased the tax credit to 30 percent for people who qualify. To qualify, taxpayers must use solar power for heating, lights or to generate electricity in an enclosed building. Outdoor recreational uses may not qualify. The equipment used must also fall into certain government guidelines.
For the savvy homeowner who wants to save the environment and save money, solar energy credits are a great incentive.