2010 Tax Act Updates

30% Treasury Grant extension, 100% Bonus Depreciation, etcOn 12.21.2010 we added the following U.S. Federal Tax & 1603 Treasury Grant incentive changes: 1. 30% U.S. Federal 1603 Treasury Grant Program extended thru 20112. 100% Bonus Depreciation for 20113. 50% Bonus Depreciation for 2012 The 30% U.S. Federal 1603 Treasury Grant Program was extended one year, and is now available for qualifying PV projects that commence by the end of 2011. Bonus Depreciation was expanded to 100% for projects placed in service in 2011, and 50% for projects placed in service in 2012. "Bonus Depreciation" means acceleration of the otherwise applicable depreciation (not "more" depreciation, but "sooner" depreciation). 100% Bonus Depreciation means that the whole project's applicable tax depreciation is accelerated to 2011.  This publication/newsletter is for informational purposes and does not contain or convey legal advice. The information herein should not be used or relied upon in regard to any particular facts or circumstances without first consulting a qualified advisor.

I received the first rebate check today for $6,642.00 for a 9 panel REC220-EUS system today. That check was processed in under 45 days, meeting the promised time-line by ONCOR. Congratulations.

Jan 19, 2010	Associated Press
Energy Efficiency Can Mean Lower Taxes Energy efficiency improvements can also reduce your tax liability By CAROLE FELDMAN The Associated Press WASHINGTON Making energy efficient improvements to your home will do more than reduce your energy costs — they'll also reduce your tax bill. The tax credit for energy-efficient windows or doors, air conditioners or furnaces, or other energy-saving improvements disappeared in 2008, but returned for 2009 and 2010 — at an even higher value. This is one case where procrastination paid off. Under the American Recovery and Reinvestment Act of 2009, homeowners who made the improvements are eligible for a credit equal to 30 percent of the cost, up to a maximum credit of $1,500. To get the maximum credit, a taxpayer would have to pay $5,000 on energy efficiency improvements. The previous maximum had been $500. The good news for homeowners is that they can claim the new credit even if they had taken the old one. "You get a clean start with this one," said Mark Luscombe, principal analyst for CCH's tax and accounting group. To qualify, the improvements must have been made during 2009 — or 2010 if you're going to claim them the following year. There is no income limit for the credit, and limits on individual items are gone. That means, for example, you can claim the full credit for windows, Luscombe said. But there's a catch. "Homeowners should be aware that the standards in the new law are higher than the standards for the credit that was available in 2007," the Internal Revenue Service said. The IRS cautioned that not all products that carry the Energy Department's Energy Star label qualify. So how do you know if the furnace or hot water heater you purchased is eligible? It's up to the manufacturer to certify that the product qualifies. The IRS recommends that taxpayers keep a copy of the certification statement. Homeowners who choose alternative energy could be in for a bigger tax credit. There's a 30 percent tax credit with no maximum for homeowners who install solar water heaters, geothermal heat pumps or small wind turbines. The credit also applies to site preparation and installation. If you want to claim the credits, you'll have to file Form 5695. The tax credits for energy efficient home improvements are in addition to those for purchasing certain hybrid or alternative energy vehicles. The credit begins phasing out after the manufacturer sells 60,000 hybrids. For 2009 model year cars, manufacturers that had hybrids still eligible for the credit are Cadillac, Chevrolet, Chrysler, Dodge, Ford, GMC, Mazda, Mercury, Nissan and Saturn. For the 2010 model year, the list includes hybrids manufactured by Cadillac, Chevrolet, Ford, GMC, Mercury, Mercedes-Benz and Nissan. There are new tax credits for plug-in electric vehicles. The credits range from $2,500 to $15,000, depending on the kind of vehicle, its weight and its battery. ———

The FIRST solar panel insatllation in Coppell Texas was not a commerical building, not a public building, not even a personal residence.

The FIRST home is a rental property.

More to follow.

 

WASHINGTON (American Wind Energy Association) – Texas leads the nation in total megawatts of wind-generated energy installed and in megawatts added during the third quarter.The American Wind Energy Association (AWEA) reported this week that Texas added 436 megawatts of energy during the third quarter alone, 185 more than that added by the second leading state, Oregon.The wind farms that comprised this addition to Texas clean energy production were Panther Creek III, Roscoe IV and Sunray II, with 199.5, 197 and 39 megawatts created, respectively.The state’s total operating wind capacity is at 8,797 megawatts.Texas wind farms Gulf Wind, Papalote Creek and Penescal II are currently under construction. When completed in 2009 or 2010, they will generate 283.2, 179.9 and 201.6 megawatts of power, respectively.