Filed under: Policy
Kevin Formby of the Georgia Solar Energy Association writes in:
On May 14, Gov. Sonny Perdue of Georgia signed into law HB670, creating tax credits for a wide range of renewable energy systems and technologies.
The bill was promoted by a wide range of politicians, organizations and individuals and was the result of many long and hard months of work. State leaders and representatives hope that the new tax credits will be the first step in developing a new epicenter for renewable energy technology industries and jobs in the Southeast United States which would leverage the existing skill centers such as the Georgia Institute of Technology.
For clean energy systems placed into use in single family residential homes, the tax credit is equal to 35% of the cost of the system. The credit is subject to various limits depending on the technology used — for example $2,500 for domestic solar hot water heating and $10,500 per residence for PV systems. Before claiming the credit the taxpayer must seek approval in advance as the total amount of credits are limited to $2.5M in any year. Although the funds are limited, this is a major step forward in a state that has traditionally been conservative over tax credits for renewable energy systems.
More details of HB670 can be found at the GSEA website.
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