Home Wind Power Tax Credit, Residential Turbines
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Francis [Bot]
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Home Wind Power Tax Credit, Residential Turbines
I am looking for more detail on residential wind tax credit. What is the name of the form to use. Is there any limit on how many turbines or what size system qualifies? I have read that the credit is for $500 per 1/2 kilowatt. Since the rooftop systems are 700 watt, does that mean it pro-rates out to $700 or does that only calculate in $500 increments? Does this wind power tax credit have to be repaid, like the First Time Home Buyer Tax Credit? If I do the wind/solar so that my system has the panels with the turbine, is there any extra credit with that? Trying to figure out after I invest in the system, how much I can get back in tax credits. Anyone has already done taxes for your wind power tax credit I would really like to hear what you learned about the wind tax credit.
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Nutch/CVS [Bot]
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We have a Skystream and we got $1800 off our taxes for 09, but I think it is for two years so we will get $3600.00 in two years for $12000.00 investment + in Indiana you go to the auditors office in your county and apply for Wind just like you would for homestead, mortgage exemption, Geothermal now wind.
We get Homestead, Mortgage exemption, geothermal now wind, last year we got $10,700 off the top of our county personal taxes and we hope that wind will be the same. Guys work the system if you have any of those I mentioned if you haven't go and do it, for this year Mar. 31 was the deadline for 09 exemption but do it now for 2010.
So the 30% on the cost + saving on electricty is just the start in savings..
We get Homestead, Mortgage exemption, geothermal now wind, last year we got $10,700 off the top of our county personal taxes and we hope that wind will be the same. Guys work the system if you have any of those I mentioned if you haven't go and do it, for this year Mar. 31 was the deadline for 09 exemption but do it now for 2010.
So the 30% on the cost + saving on electricty is just the start in savings..
Home Wind Tax Credit
>> (1) What is the name of the form to use.
It's IRS Form 5695. Technically the credit is called, "Residential Energy Efficient Property Credit" http://www.irs.gov/pub/irs-pdf/f5695.pdf
>> (2) Is there any limit on how many turbines or what size system qualifies?
There's no size limit on what qualifies, but there is a limit on the amount of the credit, the wind maxes out at $4000 is all you can get in a tax year. Thus, adavantage again to WindEnergy7 and their modular upgradeable systems, you can add on, year by year and get a credit for each upgrade as you build a system. With these really expensive systems like Skystream, you spend a big amount on a one time system and you can't take advantage of the credits as well IMO.
>> (3) I have read that the credit is for $500 per 1/2 kilowatt. Since the
>> rooftop systems are 700 watt, does that mean it pro-rates out to $700
>> or does that only calculate in $500 increments?
Actually, that part will prorate out to the watts. The line where it asks for KW, has a decimal point. So, you get credit for every watt. ADDITIONALLY, note, the credit is worded as capacity, not rating. So, you enter the maximum power that the turbine can produce, not what it's rated.
>> (4) Does this wind power tax credit have to be repaid, like the First Time
>> Home Buyer Tax Credit?
No, this is a straight up tax credit. This is not a write-off or deduction, it's a straight tax credit and money in your pocket.
>> (5) If I do the wind/solar so that my system has the panels with the
>> turbine, is there any extra credit with that?
Residential Energy Efficient Property Credit You can take a credit of 30% of your costs of qualified solar electric property. This includes labor costs properly allocable to the onsite preparation, assembly, or original installation of the property and for wiring to interconnect such property to the home. This credit is limited to $2,000 for qualified solar electric property costs
Qualified solar electric property costs. Qualified solar electric property costs are costs for property that uses solar energy to generate electricity for use in your home located in the United States. This includes costs relating to a solar panel or other property installed as a roof or a portion of a roof. The home does not have to be your main home.
On this same form, line 1 is for qualified solar electric you can get UP TO $2000, so your maximum spend to get that is about $6650 of solar equipment to max out to that $2000.
.
It's IRS Form 5695. Technically the credit is called, "Residential Energy Efficient Property Credit" http://www.irs.gov/pub/irs-pdf/f5695.pdf
>> (2) Is there any limit on how many turbines or what size system qualifies?
There's no size limit on what qualifies, but there is a limit on the amount of the credit, the wind maxes out at $4000 is all you can get in a tax year. Thus, adavantage again to WindEnergy7 and their modular upgradeable systems, you can add on, year by year and get a credit for each upgrade as you build a system. With these really expensive systems like Skystream, you spend a big amount on a one time system and you can't take advantage of the credits as well IMO.
>> (3) I have read that the credit is for $500 per 1/2 kilowatt. Since the
>> rooftop systems are 700 watt, does that mean it pro-rates out to $700
>> or does that only calculate in $500 increments?
Actually, that part will prorate out to the watts. The line where it asks for KW, has a decimal point. So, you get credit for every watt. ADDITIONALLY, note, the credit is worded as capacity, not rating. So, you enter the maximum power that the turbine can produce, not what it's rated.
>> (4) Does this wind power tax credit have to be repaid, like the First Time
>> Home Buyer Tax Credit?
No, this is a straight up tax credit. This is not a write-off or deduction, it's a straight tax credit and money in your pocket.
>> (5) If I do the wind/solar so that my system has the panels with the
>> turbine, is there any extra credit with that?
Residential Energy Efficient Property Credit You can take a credit of 30% of your costs of qualified solar electric property. This includes labor costs properly allocable to the onsite preparation, assembly, or original installation of the property and for wiring to interconnect such property to the home. This credit is limited to $2,000 for qualified solar electric property costs
Qualified solar electric property costs. Qualified solar electric property costs are costs for property that uses solar energy to generate electricity for use in your home located in the United States. This includes costs relating to a solar panel or other property installed as a roof or a portion of a roof. The home does not have to be your main home.
On this same form, line 1 is for qualified solar electric you can get UP TO $2000, so your maximum spend to get that is about $6650 of solar equipment to max out to that $2000.
.