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Solar power panels and the IRS should be friends, since the government purports to be seeking alternative energy sources. The U.S. government should provide tax credit to people who invest in solar panels. But does it? The value of solar power panels in the IRS' eyes is found within the Energy Policy Act of 2005 for Folks. Dig up more on a related paper - Browse this URL:  [http://www.purevolume.com/lawbubble5/posts/4382672/Fire+Pit+Needs PureVolume™ | We're Listening To You] . In 2006, in.. Solar panel systems be seemingly an excellent way to generate less costly electrical power. They seem a great way to heat water, as well as the air inside homes. The IRS and solar power panels must be friends, because the government purports to be seeking alternative energy sources. The U.S. government should give tax credit to individuals who invest in solar cells. But does it? The worthiness of solar panels in the IRS' eyes is shown in the Energy Policy Act of 2005 for Individuals. In 2006, inflation modification results received, but the work remains basically the same. Energy Policy Act of 2005 for Folks (EPACT) - Summary Individuals can make purchases, and receive tax benefits for doing so. The law provides tax credits for making your principal residence, which should be within the U.S., more energy efficient. In addition it gives credits to tax for buying specific energy-efficient items, including alternative cars such as hybrids. Solar cells, says IRS, can earn tax credits if they are on your own main home, and that home is in the U.S. The majority of EPACT remains essentially during 2007. Discover further on this affiliated URL by clicking  [http://www.purevolume.com//firjeans5/posts/4421018/Billiards save on] . Many think it'll be renewed o-r enhanced in 2008. Aspect Regarding Solar Power Tax Breaks The Energy Policy Act of 2005 makes a tax credit available to people who put competent solar power systems for their homes in the U.S. The IRS allows one credit equal to 30 percent of the qualified investment in a cell up to and including maximum $2,000 credit. An equal credit is also allowed by the IRS for buying a solar water heating system. You can credit of up to $4,000, $2,000 for solar cells, and $2,000 for solar water heating. Whether you put solar systems or a water heating system, you can not use any part of it to heat a spa or pool. Solar cells, for IRS tax credit qualification, must be put into service between January 1, 2008 and December 31, 2005. State Incentives or Tax Incentives and the IRS You could find that the solar power panels qualify for state rebates o-r tax credits. Your states energy company web site could have more info on that. To study more, you may check-out:  [http://www.dailystrength.org/people/2992492/journal/6497792 the best] . Be taught more about  [http://www.flixya.com/blog/5346470/Golf-Ball-Reviews-How-To-Find-The-Best-Golf-Ball-To-Enhance-Your-Game artificial hedges]  by going to our offensive website. If your state or energy does give incentives for installing solar systems, the IRS tax credit relates to the idea remaining once you have taken state incentives. Example: Your $10,000 solar power array receives $5,000 in state tax incentives. It would then qualify for a credit corresponding to 30-percent of $5,000. Your Federal IRS tax credit will be $1,500. To locate any tax incentives your state may offer, only search on the state name with the language solar motivation, without quotation marks. Would not a Tax Deduction Be Better-than a Tax Credit? Usually talking, a tax deduction is less important for you compared to sam-e amount of tax credit. A tax reduction removes a portion of the tax you owe the IRS. But your tax is reduced by a tax credit, dollar-for-dollar. Solar Power Panels missing IRS Credits Even if EPACT had not been signed into law, and no tax credits were offered by the IRS, solar power installation might still be a wise investment. Many find that a solar power array pays for itself within three or four years. They then save money o-n electricity for several years with little maintenance. So, while tax credits are pleasant, you might still want to do more research into the possible savings of solar panels. Disclaimer: Take note the writer is not a tax professional and cannot offer you tax advice. The data above is for educational purposes only.