Wind Turbine Cost Reduced By Legislation
- Author Tim Mcdonald
- Published April 28, 2009
- Word count 483
Recently the Emergency Economic Stabilization Act of 2008, H.R. 1424, was passed by Congress that includes a new federal investment tax credit to assist the public in offsetting the wind turbine cost for their homes, businesses or farms. Without any delay, president Bush signed the bill into law.
The Act offers a federal tax credit for 30% of the total installed cost of any wind power system with a 100 kilowatt capacity or less, but the credit will not exceed $4,000. The limitation of the Act is that it only applies to new systems installed from 3 October 2008 through to December 2016, so any current systems will get no tax relief. In addition, for home wind turbines, the credit is further limited to the lesser of $4,000 or $1,000 per kW of capacity.
America, who has typically lead the worldwide small wind turbine market recently begun to feel pressure from other nations that offered enticing incentives for small renewable energy systems. So the new legislation was warmly welcomed by a Small Wind Advocate of the American Wind Energy Association (AWEA), Ron Stimmel, who said:
"We thank Congress for recognizing and supporting small wind systems as an important contributor toward energy security and a cleaner environment. This credit will help individuals cut their electric bills while combating global warming in a tangible way."
This bill is the first federal incentive for small wind turbines since 1985, and industry members believe the credit could grow the U.S. wind power market by 40% or more annually. And along with the upcoming equipment certification scheme, it will help secure it as the global leading market.
To put the industry on equal grounds with the photovoltaic (PV) solar industry, the AWEA, and its members have long requested a 30% federal investment incentive for small wind turbines 100kW and smaller. And now their persistence has paid off.
Since the two industries share the same renewable energy market, the wide legislation also expands on a similar credit for the PV solar industry that was first enacted in 2005. Domestic PV solar systems now receive a 30% credit, limited to $4,000, and commercial installations can get the same, but uncapped, credit.
So how does this act affect anyone who has installed their own system? By the looks of things, diy renewable energy enthusiasts can also enjoy the federal tax credit as long they have proof of all installation costs and the date they were incurred. But, it is best to get sound legal advice first to help you maximize any tax credit due.
With the new tax credit, coupled with potential state-side credits, we cannot see a better time for anyone to invest in their own renewable energy system at home and offset the wind turbine cost. Whether this means getting an expensive professionally installed solar/wind power hybrid, or learning to do it yourself, potential electricity savings are a decision away. At the end of the day the choice is yours.
Tim McDonald and his wife have been living off the grid since June 2008. He recommends you Try Earth4Energy For FREE before you go out and start any home wind turbine project.
Article source: https://articlebiz.comRate article
Article comments
There are no posted comments.
Related articles
- Smart Savings: The Benefits of Buying Out of Season
- How to prepare for a house clearance, a few tips from experts
- Expert and Little Known Tips for Limestone Floor Maintenance
- Top Furniture: Discover the Best of Deutsch Design
- Spring Clean Like a Pro
- Spring into Clean: Transform Your Home with Diamond Home Support Barking
- Spring Cleaning Magic: Unveiling a Fresher Home
- Top Cleaning Tips for the Spring
- The Lemon: Nature's Remarkable Cleaning Marvel
- Why Tree Removal is Essential for Home Safety
- The Dos and Don'ts of DIY Pressure Washing: Expert Tips and Tricks
- Are Silver Travertine Tiles Better Than Other Alternatives? Know How!
- Rustic woodgrain farmhouse cottage with vintage carved barn doors
- Ultimate Guide to Versatile and Secure Storage Cabinets with Locks: A Functional and Practical Solution for Every Space
- The Ultimate Guide to Investing in a Home Lift
- holistic garden sanctuary, buddha statues
- Vintage rustic wood credenzas
- Nature carved Barn Doors
- 7 things you must know before building, extending or renovating your home.
- The Impact of Electrical Upgrades on Home Resale Value in Australia
- Rodent-Proofing Your Home: Tips and Tricks
- How Much Does House Removal Cost in Australia? Understanding Your Moving Budget
- Advantages of Using Ceramic and Porcelain Tiles at Home and Commercial Places
- Culinary Chronicles: A Journey Through Kitchen Renovations
- The Advantages of Using a Professional Cleaner in Liverpool
- Crafting Culinary Sanctuaries: The Poetic Essence of Kitchen Remodeling
- The Importance of Using Professional Tilers for Regrouting Bathroom Tiles
- Making Eco-Conscious Decisions in Home Renovations
- Advantages of Engaging Expert Home Cleaners in Bournemouth
- How To Declutter Your Home - In 5 Simple Steps