Renewable Energy Tax Credits
In addition to the Energy Efficiency Tax Credits you are eligible for Renewable Energy Tax Credits. Similar to the replacement of traditional energy mechanical equipment, these renewable energy tax credits also allow you to include material and labor costs. Some of the technologies allowed under this provision include solar electric generation and solar water heating, electric generating wind turbines, geothermal ground source heat pumps.
The best part is you can claim 30% of the installed cost and there is no upper end limitation. You can also claim a credit for new homes and second homes, heck even third homes! I find this unreal.
Apparently, if you are rich and can afford wind powered electric turbines and solar panels on your three homes, then you can deduct 30% of the costs, with no upper limit. But if you want a tax credit to pay someone to insulate or weather strip your home which would reduce energy consumption on a much more massive scale, sorry pal! No installation labor tax credit for you!
Oh and don’t forget, the affluent who can buy the wind powered electric turbine and solar panels and geothermal heat pumps for multiple homes if they want, have until 2016 to claim their tax credit. Very nice indeed!