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Energy Related Provisions
There are a number of provisions designed to encourage energy saving investments.
Credits
- Homeowners who add solar, wind, or geothermal devices to their personal residence can claim up to 30% of the cost as a non-refundable credit. (The previous cap of $2,000 has been eliminated.)
- A 30% investment tax credit is available on tangible property used to produce renewable electricity.
- A 30% business energy credit is available for qualified small wind energy property placed in service after 12/31/08.
- Purchase electric drive low-speed vehicles, motorcycles, and three-wheeled vehicles prior to 2012 to qualify for up to $2,500 in credit.
- The cost of converting any motor vehicle into a qualified plug-in electric drive motor vehicle prior to 2012 can qualify for a credit of up to $4,000.
- New qualified plug-in electric vehicles purchased after 12/31/09 can quality for up to $2,500 in credits.
- An energy credit of up to $1,500 is available for homeowners who invest in qualified energy efficient improvements for their residence before 2011.
- The maximum credit for qualified hydrogen refueling property has been increased to $200,000 through 1/1/2011.
