GOT DIRT?! GO GEO AND REAP THE BENEFITS
By Federal Law HR 1424, If you install a geothermal system, you can apply for a one time Federal Tax Credit of 30% on residential
installations and 10% of expenditures, with no maximum credit limit on corporate installations.
Not only will you receive a Tax Credit but you will also save up to 60% on you monthly utility
bills. And, on top of all, you are using green energy which is environmentally friendly. Geothermal is growing
fast. Get ready to enjoy the benefits!
Solar Thermal Hot Water and PV (Photovoltaics)
Residential and Corporate Systems
A Federal 30% Tax Credit is available with no limit for both solar hot water and photovoltaic
systems.
North Carolina residential tax credit of 35% for solar with a maximum
of $3,500 for active space heating systems, combined active space heating and solar hot water systems and passive space heating
systems. $1400 on thermal hot water systems and a maximum of $10,500 for PV (photovoltaic) systems.
North Carolina Corporate Tax Credit for commercial and industrial systems is 35% with a $2.5 million
per installation maximum incentive.
Home Improvements!
These tax credits would simply be subtracted from
the homeownwer's tax bill. Improvements to existing homes can qualify up to 30% tax credit if improvements are made to
the building envelope, for example, adding insulation, sealing leaks, upgrading doors and windows, metal roofing, etc.
Energy efficient
heating and cooling equipment, including geothermal heat pumps also qualify for the tax credit.
Builders can qualify for a tax credit up to $2000
for implementing renewable energy resources.
Beginning January 1, 2006, North Carolina will now allow
"net-metering" from renewable energy systems. This means
that home owners, businesses, and farmers that use solar photovoltaics systems that are grid tied can receive credit
for any excess electricity they put back on the grid. Contact your
state's energy office and the U.S. Department of Energy for more details.
net
metering.
For
more information on tax guidelines, terms, definitions, and various provisions for renewable energy
credit please check out:
