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eight-year extension to clean-energy tax credits

Discussion in 'Environmental Discussion' started by Sufferin' Prius Envy, Oct 7, 2008.

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  1. Sufferin' Prius Envy

    Sufferin' Prius Envy Platinum Member

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    Included as part of the $700 billion bailout package for Wall Street is a bill which provides for an eight-year extension to federal clean-energy tax credits!

    Homeowners installing solar electric after 121/31/2008 can expect a 30% tax federal tax credit, no longer limited to $2,000. :eek:
    The tax credits were set to expire at the end of 2008.

    There is also a credit for qualified geothermal heat pumps.


    [This was discussed here on PriusChat yesterday . . .
    http://priuschat.com/forums/prius-h...ate-bill-700b-sets-plug-in-rebate-7500-a.html
    . . . buried in the string about the plug-in portion of the bill. But the home solar deserves its own topic thread. ]


    Environmental Capital - WSJ.com : Green Bailout: House Passes Rescue Plan and Clean Energy Credits

    Environmental Capital - WSJ.com : Eclipsed: Solar Power's Celebrations Cut Short by Market Carnage

    Search Results - THOMAS (Library of Congress)
  2. DaveinOlyWA

    DaveinOlyWA 3rd Time was Solariffic!!

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    i now have people at work telling me that i qualify for tax breaks because of my Zenn. now i bought mine in 2007... do i qualify?? or is it for purchases going forward?
  3. tripp

    tripp Which it's a 'ybrid, ain't it?

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    prolly going forward. I hate that this stuff was tacked onto the bailout but I'm chuffed that it passed. BTW, the 8 years is for solar ITC. The PTC only got extened for a year IIRC. Geothermal ITC got extended 2 years, which is something good too.
  4. miscrms

    miscrms Plug Envious Member

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    Likewise.

    The removal of the cap is potentially huge! Our local power company has two examples on their website, one for residential, one for commercial. The commercial payback was 8 years, the residential 23 years. The only difference was the tax cap, which always cheesed me off. Now both get 8 years!

    I really have to think about taking the plunge next year.....

    Rob
  5. tripp

    tripp Which it's a 'ybrid, ain't it?

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    yeah, I'm really looking now that we'll probably be staying put for a long time. We don't need a huge system, 2.0kW will probably cover 100% of our needs, esp once we replace our refridgerator.
  6. Codyroo

    Codyroo Senior Member

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    I wonder if we can get a retroactive credit for the system we put up last year (grumbles). The gov't can make taxes retroactive, but I'm guessing not the rebates.

    Feh!

    I could use the extra $7k we would have saved.
  7. tripp

    tripp Which it's a 'ybrid, ain't it?

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    Yeah, I have some friends who just installed 8 and 10kW systems. I'm sure they'd love the extra cash. I'm waiting until 2009 to have any system I put in place turned on so that I can take advantage of the new rules. We'll probably install something on the order 2.5-3.0 kW. Our average monthly use is about 386kWh and once we replace our dinosaur refrigerator we'll save an additional 50kWh/mo. I'm hoping we can whittle it down even more, but I'm not sure what's left to optimize. Probably better insulation so the furnace doesn't run as often.
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