Tax Credit Cap eliminated for Solar Electric (PV ), Wind & other Energy Efficiency systems:
The Residential Energy Efficient Property Credit is a nonrefundable energy tax credit to help individual taxpayers pay for qualified residential alternative energy equipment, such as solar electric (PV) systems, solar hot water heaters, geothermal heat pumps & wind turbines. They removed some of the previously imposed maximum amounts & allows for a credit equal to 30% of the cost of qualified property.
Tax Cr. Cap eliminated for Solar Water heating systems: The $2,000 cap on the 30% Federal Tax Credit for solar water heating systems has been removed. Solar water heating systems, other than those for pools or spas, are now eligible for a full 30% tax credit against the solar system’s cost. Vermont Solar & Small Wind Incentive www.revermont.org/incentives. The goal of this program is to accelerate market demand for high-quality solar & small wind systems in Vermont. Nearly $1 million in incentives is now available.
The program offers financial incentives only to renewable energy systems installed by local program partners. You must go through an installer that has been approved by the Solar & Wind Partnership Program. The timing & number of systems receiving incentives depends on the size of installations & market reaction to the program. The program incentives cover approximately 20–25% of the total installed cost for eligible systems.
The program administrator tracks & reports total system costs, estimated energy savings, avoided environmental emissions & job activity within the solar & small wind delivery sector of Vermont ‘s economy.
In 2006, the Vermont Clean Energy Development Fund authorized an additional $500,000 to the Vermont Solar & Small Wind Incentive Program. Two electric utilities: Central Vermont Public Service (CVPS) & Green Mountain Power (GMP), also provided incentive funds to support qualifying solar & small wind systems for customers in their service territories. ♻