Tax Credit Extension is Good News for Homeowners, Clean Energy Industry
Piedmont, SD, December 20, 2015 --(PR.com)-- When Congress voted Friday to extend the 30 percent Investment Tax Credit for solar, wind and other clean energy systems, lawmakers gave budget-conscious homeowners a big Christmas gift, according to Tim Teeslink of GenPro Energy Solutions in Piedmont.
“The credit really cuts the up-front cost of solar and wind — making the long-term, year-after-year savings from these alternatives to fossil fuels an even better," he said.
In the 10 years that the tax credit has been on the books, GenPro has worked with hundreds of home and business owners to install solar and wind energy systems. The credit was important because it made renewable energy a competitive alternative to traditional fuel sources, Teeslink said.
“For home owners and small businesses, it’s not easy to invest in new technology, even though that technology will pay off over time,” he said.
The tax credit has been set to expire at the end of 2016. Unlike a tax deduction, the investment tax credit is a dollar-for-dollar reduction in your federal income tax. For every $100 you spend on an alternative energy system, the Internal Revenue Service reduces your taxes by $30. If your tax credit is larger than your tax bill, you can carry over the credit into future years.
Solar electric, solar water heating, small wind energy, geothermal heat pumps and fuel cell systems are all eligible for the tax credit.
Although a number of large-scale solar and wind projects are either in development or in operation, small-scale systems located close to the end user can do a great deal to reduce emissions and save consumers money, Teeslink said.
Rural ranchers are watering livestock from isolated wells powered by solar or wind. Small rooftop solar voltaic cells are powering businesses across the country. These systems do not require new transmission lines or other infrastructure associated with the large-scale systems.
About GenPro
GenPro Energy Solutions, based in Piedmont, S.D., is the Midwest's largest full-line energy distributor and a recognized leader in customized energy solutions. The company serves more than 200 dealers globally, with active projects in Asia, Africa, the Bahamas, the Caribbean, South America and the Middle East.
“The credit really cuts the up-front cost of solar and wind — making the long-term, year-after-year savings from these alternatives to fossil fuels an even better," he said.
In the 10 years that the tax credit has been on the books, GenPro has worked with hundreds of home and business owners to install solar and wind energy systems. The credit was important because it made renewable energy a competitive alternative to traditional fuel sources, Teeslink said.
“For home owners and small businesses, it’s not easy to invest in new technology, even though that technology will pay off over time,” he said.
The tax credit has been set to expire at the end of 2016. Unlike a tax deduction, the investment tax credit is a dollar-for-dollar reduction in your federal income tax. For every $100 you spend on an alternative energy system, the Internal Revenue Service reduces your taxes by $30. If your tax credit is larger than your tax bill, you can carry over the credit into future years.
Solar electric, solar water heating, small wind energy, geothermal heat pumps and fuel cell systems are all eligible for the tax credit.
Although a number of large-scale solar and wind projects are either in development or in operation, small-scale systems located close to the end user can do a great deal to reduce emissions and save consumers money, Teeslink said.
Rural ranchers are watering livestock from isolated wells powered by solar or wind. Small rooftop solar voltaic cells are powering businesses across the country. These systems do not require new transmission lines or other infrastructure associated with the large-scale systems.
About GenPro
GenPro Energy Solutions, based in Piedmont, S.D., is the Midwest's largest full-line energy distributor and a recognized leader in customized energy solutions. The company serves more than 200 dealers globally, with active projects in Asia, Africa, the Bahamas, the Caribbean, South America and the Middle East.
Contact
GenPro Energy Solutions
Molly Brown
(605) 341-9920
www.genproenergy.com/
Molly Brown
(605) 341-9920
www.genproenergy.com/
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