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Tax Credit Consulting: Solar Tax Credit Morgantown WV

These credits were prime examples of the tax codes being used to encourage policy that was deemed in the best interest of the country. Included in the act were credits for energy efficient appliances, hybrid automobiles, and solar energy heating panels.

Edwin Landis
60 West Street Suite 404
Annapolis, MD
Company
Title: Financial Consultant
Company: Landis Financial Services
Type
Investment Advisor Rep: Yes
Education
Michigan State University/ BA
Service
401k Rollover From Employer,Income for Life/ Preserve Principal,Life Insurance,Investment & Portfolio Management,Investment Consulting & Allocation Design,Business Succession & Liquidation Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Hourly Financial Planning Engagements,Stock Market Alternative,Medicaid,Retirement Planning,Long-Term Health Care Planning,Annuity Ideas & Strategy Planning,Planning For Personal Finances & Budgeting,Retirement Income Accumulation Planning,Ind

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Tax Tech
(304) 296-1040
990 Fairmont Rd Ste C
Morgantown, WV

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Liberty Tax Service
(866) 871-1040
911 Country Club Rd
Fairmont, WV

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H&R Block
(724) 966-9227
211 S VINE ST
CARMICHAELS, PA

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Liberty Tax Service
(866) 871-1040
103 N Pike St
Grafton, WV

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Liberty Tax Service
(866) 871-1040
827 Fairmont Rd
Morgantown, WV

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Liberty Tax Service
(866) 871-1040
735 Chestnut Ridge Rd
Morgantown, WV

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H&R Block
(304) 366-3728
32 TYGART VALLEY MALL
WHITE HALL, WV

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H&R Block
(724) 437-9230
1368 Mall Run Rd # 600
Uniontown, PA

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H&R Block
(304) 265-2662
12 BLUE Ave
GRAFTON, WV

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Tax Credit Consulting: Solar Tax Credit

Solar Tax Credit

The Solar Tax Credit is the common name given to a provision of the Energy Policy Act of 2005 that allowed tax credits for certain solar related items used in home improvements.

The Energy Policy Act of 2005 established some serious tax credit incentives designed to reduce the reliance on fossil fuels in the United States. These credits were prime examples of the tax codes being used to encourage policy that was deemed in the best interest of the country. Included in the act were credits for energy efficient appliances, hybrid automobiles, and solar energy heating panels. The credit concerned with solar energy was referred to as the Solar Tax Credit.

It is important to note that the credits applied only to items purchased and put into service after December 31, 2005 and before January 1, 2008. So, although the credit has now expired, it may be taken on your 2007 tax return if items were put into service this past year. The credit is based on 30% of the cost of the installed systems up to a maximum of $2000.

The systems had to meet certain other qualifications as well. The systems included solar panels for heating, solar water heating systems, and fuel cell power plants. The solar heating units had to have an efficiency rating of at least 30% and produce at least 0.5 kilowatts of electricity. The 30% of actual cost up to a maximum of $2000 could be taken on all three systems separately. The fuel cell power plant credit was limited, however, to an a...

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