I recently read on the DSIRE web page that the 30% credit need not be the primary residence.
Todd http://www.dsireusa.org/incentives/incentive.cfm?Incentive_Code=US37F&re=1&ee=1 Federal Incentives/Policies for Renewables & Efficiency[http://www.dsireusa.org/incentives/incentive.cfm?Incentive_Code=US37F&re=1&ee=1&printable=1] Residential Renewable Energy Tax Credit Last DSIRE Review: 02/18/2010 Program Overview: State: Federal Incentive Type: Personal Tax Credit Eligible Renewable/Other Technologies:Solar Water Heat, Photovoltaics, Wind, Fuel Cells, Geothermal Heat Pumps, Other Solar Electric Technologies Applicable Sectors:Residential Amount:30% Maximum Incentive:Solar-electric systems placed in service before 1/1/2009: $2,000 Solar-electric systems placed in service after 12/31/2008: no maximum Solar water heaters placed in service before 1/1/2009: $2,000 Solar water heaters placed in service after 12/31/2008: no maximum Wind turbines placed in service in 2008: $4,000 Wind turbines placed in service after 12/31/2008: no maximum Geothermal heat pumps placed in service in 2008: $2,000 Geothermal heat pumps placed in service after 12/31/2008: no maximum Fuel cells: $500 per 0.5 kW Eligible System Size:Fuel cells: 0.5 kW minimum Equipment Requirements:Solar water heating property must be certified by SRCC or by comparable entity endorsed by the state in which the system is installed. At least half the energy used to heat the dwelling's water must be from solar. Geothermal heat pumps must meet federal Energy Star requirements. Fuel cells must have electricity-only generation efficiency greater than 30%. Carryover Provisions:Excess credit may be carried forward to succeeding tax year Program Start Date:1/1/2006 Program Expiration Date:12/31/2016 Web Site: [http://www.energystar.gov/taxcredits] http://www.energystar.gov/taxcredits Authority 1: [http://www.dsireusa.org/documents/Incentives/US37Fa.htm] 26 USC § 25D Date Enacted: 8/8/2005 (subsequently amended) Date Effective: 1/1/2006 Expiration Date 12/31/2016 Authority 2: [http://www.irs.gov/pub/irs-pdf/f5695.pdf] IRS Form 5695 & Instructions: Residential Energy Credits Summary:Note: The American Recovery and Reinvestment Act of 2009 does not allow taxpayers eligible for the residential renewable energy tax credit to receive a U.S. Treasury Department [http://www.dsireusa.org/library/includes/incentive2.cfm?Incentive_Code=US53F&State=federal%C2%A4tpageid=1&ee=1&re=1] grant instead of taking this credit. Established by the federal Energy Policy Act of 2005, the federal tax credit for residential energy property initially applied to solar-electric systems, solar water heating systems and fuel cells. [http://thomas.loc.gov/cgi-bin/query/z?c110:H.R.1424.enr:] The Energy Improvement and Extension Act of 2008 (H.R. 1424) extended the tax credit to small wind-energy systems and geothermal heat pumps, effective January 1, 2008. Other key revisions included an eight-year extension of the credit to December 31, 2016, the ability to take the credit against the alternative minimum tax, and the removal of the $2,000 credit limit for solar-electric systems beginning in 2009. The credit was further enhanced in February 2009 by [http://thomas.loc.gov/home/h1/Recovery_Bill_Div_B.pdf] The American Recovery and Reinvestment Act of 2009 (H.R. 1: Div. B, Sec. 1122, p. 46), which removed the maximum credit amount for all eligible technologies (except fuel cells) placed in service after 2008. A taxpayer may claim a credit of 30% of qualified expenditures for a system that serves a dwelling unit located in the United States and used as a residence by the taxpayer. Expenditures with respect to the equipment are treated as made when the installation is completed. If the installation is on a new home, the "placed in service" date is the date of occupancy by the homeowner. Expenditures include labor costs for onsite preparation, assembly or original system installation, and for piping or wiring to interconnect a system to the home. If the federal tax credit exceeds tax liability, the excess amount may be carried forward to the succeeding taxable year. The excess credit can be carried forward until 2016, but it is unclear whether the unused tax credit can be carried forward after then. The maximum allowable credit, equipment requirements and other details vary by technology, as outlined below. Solar-electric property There is no maximum credit for systems placed in service after 2008. The maximum credit is $2,000 for systems placed in service before January 1, 2009. Systems must be placed in service on or after January 1, 2006, and on or before December 31, 2016. The home served by the system does not have to be the taxpayer’s principal residence. Note that the Solar Energy Industries Association (SEIA) has published a [http://seia.org/galleries/pdf/SEIATaxManual_v3-0_FAQ.pdf] three-page document that provides answers to frequently asked questions regarding the federal tax credits for solar energy. On Friday, September 17, 2010 8:39am, "Larry Crutcher" <la...@starlightsolar.com> said: > Is there a tax credit like the personal credit for your home? Form > 5695 part 1 says the 30% tax credit is for the main home. A customer > has a second home that is leased out. He had a PV solar system > installed at that home in 2010. Is there a 30% tax credit for the > system installed at the leased home? > > Thanks, > Larry > > > _______________________________________________ > List sponsored by Home Power magazine > > List Address: RE-wrenches@lists.re-wrenches.org > > Options & settings: > http://lists.re-wrenches.org/options.cgi/re-wrenches-re-wrenches.org > > List-Archive: > http://lists.re-wrenches.org/pipermail/re-wrenches-re-wrenches.org > > List rules & etiquette: > www.re-wrenches.org/etiquette.htm > > Check out participant bios: > www.members.re-wrenches.org > > Sent from Finest Planet WebMail.
_______________________________________________ List sponsored by Home Power magazine List Address: RE-wrenches@lists.re-wrenches.org Options & settings: http://lists.re-wrenches.org/options.cgi/re-wrenches-re-wrenches.org List-Archive: http://lists.re-wrenches.org/pipermail/re-wrenches-re-wrenches.org List rules & etiquette: www.re-wrenches.org/etiquette.htm Check out participant bios: www.members.re-wrenches.org
