Small Wind Turbine Federal Tax Credit is Law
Small Wind Turbine Federal Tax Credit is Law (GEO)
The legislation signed into law on October 3, 2008 — the Energy Improvement and Extension Act as part of (i.e. Division B) H.R. 1424, the Emergency Economic Stabilization Act of 2008 — also includes a new federal 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, not to exceed $4,000. The credit will be available for equipment installed from today through December 31, 2016. For turbines used for homes, the credit is limited to the lesser of $4,000 or $1,000 per kW of capacity.
Earlier this week I posted another entry about this legislation with respect to the extension and expansion of a similar credit for the solar industry that was first passed in 2005. Residential and commercial solar PV installations can receive a 30% credit, capped at $4,000 for residential applications and uncapped for commercial uses.
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EIA: Retail Prices
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