Residential Renewable Energy Tax Credits
Consumers who install solar energy systems (including solar water heating and solar electric systems), small wind systems, geothermal heat pumps, and residential fuel cell and microturbine systems can receive a 30% tax credit for systems placed in service before December 31, 2016; the previous tax credit cap no longer applies.See EnergyStar.gov for a complete summary of energy efficiency tax credits available to consumers.
So, if you install a $27,000 solar system it would only cost you $18,900.
((27K* 0.30 =8,100) 27K - 8.1K= 18.9K)
Or a $20,000 geothermal system would cost only $14,000.
((20K*0.30= 6K) 20K-6K=14K)
Tax credits are available at 30% of the cost, with no upper limit through 2016 (for existing homes & new construction) for:
- Solar Water Heat
- Solar Panels
- Solar Space Heat
- Geothermal Heat Pumps
Massachusetts Residential Renewable Energy Equipment Sales Tax Exemption - Solar Water Heat, Solar Space Heat, Photovoltaic's, Wind, Geothermal Heat Pumps.
Home Energy Efficiency Improvement Tax Credits
Consumers who purchase and install specific products, such as energy-efficient windows, insulation, doors, roofs, and heating and cooling equipment in existing homes can receive a tax credit for 30% of the cost, up to $1,500, for improvements “placed in service” starting January 1, 2009, through December 31, 2010. See EnergyStar.gov for a complete summary of energy efficiency tax credits available to consumers.
So, $8,000 worth of windows would cost you $6,500 after the tax credit.
Tax credits are available at 30% of the cost, up to $1,500, in 2009 & 2010 (for existing homes only) for:
Installation costs are NOT covered by the tax credit for: