Homeowners who are considering installing solar panels might be happy to know that a law passed last October extends an investment tax credit of up to 30 percent.
The President recently signed into law, House Bill 124, that allows for an unlimited 30 percent tax credit for all commercial and residential solar installations. The law went into effect Jan. 1, 2009 and will expire Dec. 31, 2016.
The solar tax credits include residential photovoltaic and solar thermal systems. It also includes a residential tax credit for small wind systems – $500 per one-half kilowatt, up to $4,000.
Some solar energy provisions in the American Recovery and Reinvestment Act of 2009 include:
Solar for Schools: Appropriates $20 billion in grants for public schools and institutions of higher education to renovate facilities, including installation of solar energy systems.
Green Collar Jobs: Appropriates $500 million to fund job training programs in energy efficiency and renewable energy. Also appropriates $300 million for rehabilitation and construction projects on Job Corps Centers, including energy efficiency and renewable energy.
Smart Grid: Provides 50 percent reimbursement to electric utilities that carry out smart grid demonstration projects.
Under Contract - (list price=LP)
7636 Kenneth – Skokie – $210, 600 LP
711 Smith – Lake Bluff- $219,000 LP
3435 Old Mill – Highland Park – $224,000 LP
8326 Central – Skokie – $455,000 LP
400 Oak Ridge – Lake Bluff – $633,200 LP
Based on information from Midwest Real Estate Data for the period March 21, 2009 through March 24, 2009. Listing and solds by various Participants of MRED
For more real estate information, please call me at 847-512-2724 or email me at TPareti@rubloff.com
Filed under: Green news, News Tagged: | evanston closed properties, evanston properties under contract, evanston real estate, green collar jobs, solar energy, solar tax credits, tim pareti
Thanks for the positive Blog!
John F. Kennedy once said “When you have seven percent unemployed, you have ninety-three percent working. “ It is that type of optimism that we need to help us to move onto a path of growth and hope ! These days there is so much to keep us down and frightened about the future not just on TV but on the Internet and everywhere.
So many people are focused on the negative and constantly playing the armchair quarterback in a negative way. The pundits in the media have an endless supply of bad news and speculative forecasts that if listened to and dwelled upon could cause people to wonder “why get out of bed tomorrow what’s the point”?
Let’s focus on the good news because the glass is really “half full”:
• Clean technology took over in the amount of venture funding received in 2008.
• The amount invested in CleanTech by venture companies grew for 6 billion in 07’ to 8 billion in 08’ and while that is predicted to decline slightly in 09’ it is still well above 0’7 figures.
• The total invested in Clean Technology grew last year from $75.8 billion to over $115 billion.
• The US took over as the largest producer of Wind Energy in the World.
• Smart grid investment is set to improve our use of electric power with new investment in new smart grid technology 08’ of over 3 billion.
• The US stimulus plan has 70 billion in incentives to help grow CleanTechnology , which in turn should help create Wind Jobs, Solar Jobs, Hydro Job, Biofuel Jobs etc.
• Of that 70 million in stimulus 17 million is devoted to help move solar and wind power from remote locations to the consumers.
• The news in the stock markets in the US has been strong with a gain of 20%
Being at the forefront of the leading technology that has the ability to shape the future of the World in many aspects from economically to environmentally, so let’s take the lead on having a positive attitude! So I am inviting anyone that has good news to post it as frequently as possible.
Bob
Attitude is everything!
How does the new homeowner tax credit affect my regular refund?
I am planning on buying a house next month and would qualify for the 7500 tax credit. I usually have a 4-500 tax refund when I file my taxes, so can I expect to receive 8000 next year?
Thanks Nikki for a great question.
The answer in short is…YES!
You will receive the full tax credit as income back. Also, the tax credit was actually increased to $8,000, not $7,500. Good luck.