March 15, 2006—To assist solar companies and consumers in claiming new federal tax credits for solar energy, the Solar Energy Industries Association (SEIA) has released a comprehensive tax manual.
The SEIA Guide to Federal Tax Credits for Solar Energy, prepared by SEIA and the law firm of Chadbourne & Parke, LLP, is publicly available for download at SEIA’s Web site.
Federal solar tax incentives enacted in the Energy Policy Act of 2005 allow increases the investment tax credit for businesses from 10% to 30% of qualified solar property expenditures, with no cap on the credit amount. These incentives apply to equipment placed in service during 2006-2007.
“The passage of the solar tax credits was an historic moment for solar energy development in the United States,” said Rhone Resch, President of SEIA. “Already, the tax credits are encouraging states and private industry to invest in solar power, fueling market growth and making solar more affordable for more Americans. This tax manual provides guidance for solar companies and consumers to fully utilize the federal incentives.”
