New Tax Credits (Information from the Florida Solar Energy Center)
The Energy Policy Act of 2005 provides new tax incentives for a number of solar and energy efficiency measures. Among them are:
* Tax credits for residential solar photovoltaic and hot water heating systems
* Tax deductions for highly efficient commercial buildings
* Tax credits for highly-efficient new homes
* Tax credits for improvements to existing homes including high-efficiency air conditioners and equipment
* Tax credits for residential fuel cell systems
* Tax credits for fuel cell and microturbines used in a business.
Note that the definitions of which products qualify for these tax credits have not been finalized by the Internal Revenue Service, but will be published before the credits become effective in 2006. Check out the Tax Incentives Assistance Project (TIAP) or the Florida Solar Energy Center's site for more information.
Note that new features have been added to the EnergyGauge software to facilitate evaluation of tax credits.