Solar Thermal Energy Tax Credits

With the latest stimulus package (February, 2009), the federal government has removed the $2000 tax credit on solar thermal systems for domestic use. The tax credit is now set at 30% on domestic systems.

This credit covers collectors, components and the installation of a solar thermal system in your house. If your credit is larger than your tax burden, then it is applicable to next year’s taxes. More information on this tax credit can be found at DSIRE(Database of State Incentives for Renewable & Efficiency).

In addition to the 30% federal tax credit, there are countless state and local incentives for you to buy solar as well. These incentives change regularly. The best place for information is DSIRE. You may want to contact your power company, as they will also offer incentives for the installation of solar thermal on your home too.

For commercial systems, there is also a 30% tax rebate possible, however this can be requested as a grant as well. In addition to this there is an allowance for a portion of the system to be depreciated rapidly. Visit DSIRE for more information on these tax credits and other opportunities for reducing the cost of your system as well.

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