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Wind Power Federal Tax Credits
Under the Energy Improvement and Extension Act along with The American Recovery and Reinvestment Act homeowners are allowed to take 30% of the cost of any wind or solar home power system as a tax credit. Prior to 2009, this credit had an upper limit. Currently however the credit has no upper limit. This means that if you install a $30,000 wind power system you are eligible for a $10,000 tax credit. That is above and beyond the savings the system itself will yield in terms of power generation, and it cuts significantly into the initial investment require to start utilizing renewable energy.
Sticker shock is common among homeowners looking to switch to alternative energy, and the causes are relatively straightforward. Most alternative energy sources are modeled at a payout rate of around 7 years. That means that whether you choose wind power or solar power; the system is designed to produce about enough energy to pay for itself in seven years. The sticker shock comes in because many people fail to realize just how much energy they use. Splitting the payment into monthly installments over the course of our lives numbs us to the monumental consumption of power that takes place in every home.
The tax credit initiated by the federal government is intended to help defray that cost. If you can get a $25,000 power system for just $16,500, the system begins looking even more attractive. And of course, unlike your power for the next decade, the tax rebate takes effect immediately. Instant gratification isn’t the name of the game for renewable energy, for now it is a long term investment. But a little help on the front end is always a nice thing, and that is what the government has done here.
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