30 percent federal Residential Renewable Energy Tax Credit available
With tax season upon us, a reminder that the federal Residential Renewable Energy Tax Credit can be applied to the following categories: solar energy systems, small wind turbines, and geothermal heat pumps. A tax credit of 30 percent of the cost of the system with no upper limit is available through Dec. 31, 2016. The credit can be used on new or existing homes; a principal residence or second home qualifies (but not rentals).
Also, you may receive a tax credit for 30 percent of the cost, up to $500 per 0.5 kW of power, for residential fuel cells and microturbine systems through Dec. 31, 2016. The credit can be used on new or existing homes, but only a principal residence. Second homes and rentals do not qualify.
To receive these tax credits, you need to submit the 5695 form with your 2012 taxes. For more on the tax credit and other incentives for energy efficiency and renewables, visit www.dsireusa.org.