Wind Energy Tax Credits
The US Federal Government offers a 30% wind energy tax credit claim for qualified wind power expenditures on dwelling units located within the United States that are used as a residence by the taxpayer
Here are a few details regarding the wind energy federal tax credits:
1. There is no maximum credit for wind energy systems installed and put in service after 2008.
2. For systems installed and in service in 2008, the maximum credit is $500 per .5kW with a maximum credit of $4,000.
3. Wind energy systems must be installed and in service after January 1, 2006 and before December 31, 2016 to receive tax credits.
4. The wind turbine must not have a nameplate capacity of more than 100 kilowatts.
5. Costs with respect to the equipment are treated as made upon completion of the installation process.
6. If the wind power installation is for a new home, the time of service date will commence when the occupancy of the home begins.
7. The home where the wind system is installed does not have to be the principle residence of the taxpayer.
8. These federal tax credits and energy rebates come originally from the Energy Policy Act of 2005, and revised and extended by the Energy Improvement and Extension Act of 2008.
Some states also offer wind energy tax credits, but laws and regulations change from state to state.