Posts Tagged ‘tax incentives’

Reaping Renewable Rewards

Friday, August 23rd, 2013 - posted by molly

Governments and utilities offer a variety of incentives to assist residents and businesses in the transition to renewable energy. Below is a sampling of federal, utility and state policies. Find more clean energy and energy savings incentives at dsireusa.org.

Federal

Residential Renewable Energy Tax Credit
Technologies Eligible: Various solar systems, wind, geothermal heat pumps, fuel cells
Amount: 30% and no maximum on systems in service after 2008 (except certain fuel cells), excess carryovers to next tax year generally allowed

Residential Energy Conservation Subsidy Exclusion
Renewables Eligible: Solar hot water, solar space heat, photovoltaics
Details: Homeowners who receive subsidies from public utilities for installing eligible renewables are not taxed on the subsidy payment

Participating Tennessee Valley Authority Partner Utilities

Green Power Providers
Technologies Eligible: Photovoltaics, wind, biomass, small hydroelectric
Amount: $1,000 upon installation; years 1-10: retail electric rate and premium payment; years 11-20: retail electric rate.
Note: TVA has already approved enough applications to meet its goals for 2013.

Energy Right Heat Pump Loan Program
Technologies Eligible: Geothermal heat pumps
Amount: Up to $10,000 for single units, up to $12,500 for multiple or advanced units; rate of 6% – 8% and repayment up to 10 years through a third party lender

By State

KY: Solar Water Heater Loan Program
Technologies Eligible: Solar water heat
Amount: 100% of equipment and installation cost; flexible rates and terms available [Program of Mountain Association for Community Economic Development]

KY: Renewable Energy Tax Credit
Technologies Eligible: Various solar electric, solar hot water and solar space heat systems; wind, geothermal heat pumps
Amount: Photovoltaics, $3/watt; all other systems, 30% of eligible costs. Maximum incentive is $500 for solar and wind; $250 for geothermal

NC: GreenPower Production Incentive
Technologies Eligible: Photovoltaics, landfill gas, wind, biomass, hydroelectric, methane, anaerobic digestion
Amount: Incentive payments vary depending on renewable used

NC: Renewable Energy Tax Credit
Technologies Eligible: Various solar electric, solar hot water and solar space heat systems; landfill gas, wind, biomass, geothermal, anaerobic digestion, small hydroelectric, ethanol, biodiesel and more
Amount: 35% with a maximum incentive between $1,400 $10,500 depending on technology

TN: Green Energy Property Tax Assessment
Technologies Eligible: Photovoltaics, wind, geothermal electric, hydrogen
Amount: Varies depending on renewable used

VA: Property Tax Exemption for Solar (Local)
Technologies eligible: Various solar electric, solar hot water and solar space heat systems
Amount: Varies by location; offered in select counties