AWEA Annual Wind Energy Industry Report Reflects Strong Growth in 2009; Dramatic Increase in Manufacturing

Washington, D.C. (April 13) -
Wind energy leaders in several categories maintained their #1 positions even as other leaders emerged in new categories while 24 states... READ MORE

New Tax Credits for Renewable Energy

THE 2009 RECOVERY AND REINVESTMENT ACT SIGNIFICANTLY IMPROVES TAX CREDITS FOR REWABLE ENERGY!

Under this new program home owners are entitled to take a 30 percent tax credit on residental wind, solar and hybrid renewable energy systems installed after 12/31/2008. This tax credit may be used over two consecutive years if a homeowner's tax liability is too small in year one.
 
Businesses are also entitled to a 30 percent Investment Tax Credit (ITC) for investing in renewable energy. Under the new program, business owners may opt to take a Federal Grant in lieu of the ITC for a cash contribution toward the cost of the system up to 30 percent of the total investment. In addition business owners are eligible to take accelerated depreciation of up to 50 percent of the cost of renewable energy in the first year of investment.
 
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