I think it is appropriate to say "Congress pull your head out of your '@$$' and reapprove the Federal Residential Solar Tax Credit for Homeowners who Install Solar Energy Systems in their homes." This sole Solar Federal Tax Credit is one of the ways that a homeowner can help pay for converting their home from a completely energy grid dependent home to one that combines solar with conventional electricity sources.
What Is the Federal Residential Solar Tax Credit?
The 2005 Energy Policy Act established a 30% tax credit to homeowners who installed a home photovoltaic cell system to deliver electricity to their home. This incentive is capped at $2,000. The 2005 Energy Act also established a 30% tax credit to homeowners for the installation of a solar hot water system that delivers at least 50% or more of all the hot water used in the home. This incentive is also capped at $2,000.
Is The US Really Committed To Breaking Its Dependence On Fossil Fuels?
Is the U.S. Government really that worried about alternative sources of energy since they have passed up approving an extension of this solar tax credit that is set to run out at the end of 2008? It appears not. So far, Congress has had the opportunity to extend the tax incentive to homeowners for installing solar energy systems in their homes 8 times but to no avail. With only several more months in 2008, it looks more and more bleak that we’ll have this greatly needed tax incentive extended.
Support Solar And Give Up Tax Revenue From Fossil Fuels – Are You Nuts?
Hmmm, let’s see – there is big tax money in oil and fossil fuel energy production. Should we (Congress) allow our citizens to reduce their dependence on fossil fuels for electricity for their homes thus giving up a huge lobbyist money source? Umm, tough question to answer – NO! Should we (Congress) remove ways for the US government to get big tax dollars by allowing our citizens to reduce their need of fossil fuels for electricity to power their homes? Umm, again tough question to answer – NO! But Congress is a stepping stone’s throw away from dropping back to where we were in the 1970’s in terms of its domestic energy policy.
Failure To Extend The Federal Solar Tax Credit Will Be A Setback But Not A Show Stopper
If the Residential Solar Tax Incentive is not extended the 30% tax credits will be dropped back to a 10% tax credit.
Failure to renew this tax incentive will most likely result in many jobs lost because there will be less people able to get home solar systems installed on their homes. It will also stall the momentum that the home solar industry has been gaining over the past few years. It will also send a mixed message to foreign countries about the US’s commitment to reduce our nation’s impact on global warming. Along with this, it will further keep the US exposed to the whimsical irrational dealings of foreign countries who control the majority of the fossil fuels that the US is so dependent upon.
The US Solar Energy Industry consists of a sturdy hearty bunch. In spite of limited domestic government support, the solar industry has managed to forge ahead to further develop solar energy technology to the point where the pricing of these systems is very close to allowing homeowners from all walks of life a choice about paying for and installing a residential solar system on their home.
