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Small Wind Systems
What are the tax incentives for on-site wind systems?
On October 3, 2008, the Emergency Economic Stabilization Act of 2008, H.R. 1424, was enacted into law and includes a new federal-level investment tax credit to help consumers purchase small wind turbines for home, farm, or business use. Owners of small wind systems with 100 kilowatts (kW) of capacity and less can receive a credit for 30% of the total installed cost of the system. The credit is available for wind turbine equipment installed starting January 1, 2009, through to December 31, 2016. The incentive is further expanded through the American Recovery and Reinvestment Tax Act of 2009, which removed the financial cap that was present in the 2008 legislation, which only allowed $4,000. Now the tax credit is unlimited on turbines up to 100kW.
Who is eligible for the tax incentives?
All home-owners, farmers, and businesses, that install wind turbines up to 100 kilowatts in size, are eligible for the incentive.
What do I have to do to qualify for these incentives?
Taxpayers installing on-site wind systems at their residence should tell their tax accountants to use the IRS Residential Energy Efficient Property Form 5695 when filing their federal tax returns.
How it works:
You purchase a 10kW Wind Turbine system (for example) for $60,000. You receive a 30% tax credit amounting to $20,000. That credit is applied against your taxes due for the current year.
Example A: Your taxes due for 2009 income is $35,000, however, you will only pay $15,000 after applying your $20,000 tax credit.
Example B: Your taxes due are for the year is $15,000. You pay no taxes in that same year, and $5,000 of the remaining $20,000 tax credit is applied to your future years taxes due.
Example C: Your taxes due for your corporation are $315,000. You purchase a 100kW turbine for $500,000. Your corporate tax credit is $150,000. Your company pays only $165,000 in that year, saving $150,000 in income tax, and installing a money saving, money making, renewable energy device at the same time.
Effect: You SAVE 30% ON ANY PURCHASE of a wind turbine from Planet Turbine.com, on turbines of any size up to 100 kilowatt in size. This means you will pay off your turbine in two-thirds (2/3rd's) of the time it would normally take. WOW! There has not been a better time to buy a wind turbine than now!
Call PlanetTurbine.com today at 1.800.274.7001 for an assessment of your needs.
Or use our simple Contact Us page, and we will give you a call. We will recommend the Wind Turbine which will work best for you!
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