Home Wind Turbine Kits Tax Credit
Now is the best time in history to buy home wind turbine kits .
It is crystal clear - the United States government is firmly behind the increasing the production of electricity from wind sources. In 2010, the only 2.3% of our electricity came from wind…but, by 2030, the goal is to make that 20%...
Right now, there is a huge federal government wind energy tax credits available; right now is the best time to act in the history of renewable energy.
The tax credit is for 30% of the entire cost of installation and will give you a real leg up in your effort to supply your own, inexhaustible energy from the wind.
This credit is NOT for large turbine facilities - it is only for homeowners and it came from the Emergency Economic Stabilization Act of 2008, H.R. 1424.
The beauty and strength of this program is that it is a "credit" as opposed to a deduction.
First, let's me explain and be clear about what a tax credit is and what it isn't…
This concept can be very confusing. (In tax-speak, a deduction is not a deduction and a credit is not a credit.)
A tax credit is of much more value to you than a tax "deduction". The reason is a tax credit reduces, dollar-for-dollar, the amount of tax that you will pay the government.
A tax deduction just reduces the percentage of tax you owe. That can be much much lower than you had planned on getting!
This credit is relatively long-term too - available through 12/31/2016. So, regardless how much capacity you install, up to 99 kW, you can take part and claim the credit.
What do I have to do to qualify for the Wind Tax Credit?
Install a small wind or micro-turbine that's less than 100 kW, before 12/31/2016.
To get the tax credit, fill out form IRS form 5695, ("Residential Energy Credits") .
How do I apply for and get the credit?
1. Install home wind turbine kits and carefully document your costs
2. Get IRS form 5695
3. Submit form 5695 with next year's tax filing
Are there other tax credits available on top of the federal tax credit?
YES!
It depends on the state, but a number have additional credits available.
Your best and most comprehensive and up-to-date resource is the "Database of State Incentives for Renewables & Efficiency" (15 states offer incentives in additon to the federal income tax credit).
My advice is to make sure to thoroughly research available credits upfront, because they are different in every state and with every utility.
With this many organizations offering credits, payback of your investment and achieving your personal goals for energy independence through installing home wind turbine kits can be reached much quicker.
About the Author
Roger G. Brown has saved millions of dollars on power bills.<br />Check out Roger's tips at http://windturbinealternatives.com .
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