Revisions to the New Federal Tax Credits for Residential Renewable Energy Systems:
To help homeowners invest in Renewable Energy systems, the U.S. Government has approved new incentives for the installation of residential systems that provide renewable, solar, green, and alternative energy benefits. The former incentives expired December 31, 2008, and had provided for a 30% Federal Tax credit for any qualified installations with a maximum cap of $2,000.00. The NEW incentives no longer requires the $2,000 cap effective as of January 1, 2009, and maintains up to a 30% tax credit for specified equipment, with the most value going towards solar energy installations. For anyone who needs to file their 2008 tax credit to deduct qualified installed equipment costs, the following link to form 5695 should be helpful, http://www.irs.gov/pub/irs-pdf/f5695.pdf .