New Government Program pays 30% of Wind Power System
Saturday, July 18th, 2009 Subscribe To Our Feed
Large wind farms are a more common sight than ever in various regions of the United States. Lots of people like the idea of wind power as a renewable source of energy, but many consider them too costly too install. Fortunately, it is now more practical than ever for homeowners and farmers to install and operate their own private wind turbine systems.
Today the Federal government offers serious incentives to offset the considerable capital costs of building wind turbine systems. It isn’t just large wind farms that can benefit from these incentives.
Homeowners are increasingly investing in small wind turbine systems, but cost is still an objection for many today. Today there are incentives specifically designed to encourage individuals to purchase and use small turbine systems. These government incentives are designed to allow any homeowner or farmer the opportunity to cash in on this renewable, clean source of electric power.
The Residential Renewable Energy Tax Credit.
Government incentives for personally owned, smaller wind turbine installation and use are covered under the Residential Renewable Energy Tax Credit. The credit allows you to claim a credit on your income taxes of up to 30% of the cost of buying and installing a wind turbine system. The system can be installed on any property owned by the taxpayer in order to qualify.
Unlike some renewable energy incentives, there is no restriction requiring that the wind turbines be installed at the taxpayer’s primary residence to claim the credit. It can be installed on any property the taxpayer owns. This credit is defined a flat 30% of the cost of the turbine for all turbines installed between January 1, 2008 and December 31, 2016. The legal details are found under the Tax and Health Care Relief Act of 2008.
Additional Wind Turbine Incentives
Currently, some states and even municipalities offer wind turbine incentives in addition to federal government incentive. Those considering the purchase of a wind turbine should look into their local laws regarding any possible extra tax breaks that could make doing so more affordable.
Whether it’s a large wind turbine farm or a small wind turbine system designed for private use, the biggest obstacle to installation is usually the capital costs. Wind turbine systems tend to be expensive relative to their power output initially. Although they allow homeowners to save on energy expenses, it can take years for wind turbine systems to pay for themselves through savings. Many individuals aren’t able or willing to make the long-term investment in savings wind turbines represent.
The hefty financial incentives offered by the government as well as state and local municipalities go a long way to defraying objectionable capital costs. Today private wind turbines are more affordable than ever for more people, and in the long run, they present a huge value in terms of energy production as well as environmental protection.
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