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solar housePerhaps this note is a bit early but I thought I'd remind you while there's still time to take advantage of the current residential solar and fuel cell tax credits. The current program is quite generous but it is slated for expiration on December 31, 2008. By taking advantage of the program now, homeowners can still reap significant tax benefits and if your capital expenditures for alternative energy installations exceed the program limits, you can carry the balance forward into the succeeding tax year.

The DSIRE website provides an accurate and understandable summary of the program and its parameters, as well as providing links to the legislation upon which the program is built. The site does also make clear that alternative energy installations which were initiated with assistance of other government programs are not eligible for additional tax breaks (no double dipping please).

It is expected that the next presidential administration shall surely extend the current program or shall probably create something even better, so please don't be too concerned that you'll miss out on these tax advantages. The most important things to remember at this time are to document your expenditures, consult with a professional tax adviser and remember that eligible projects can recover 30% of their cost of construction up to a total of $2,000.


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