Foo - Tax credit for renewable energy?

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phantomcow2
09-09-07, 06:32 AM
Doesn't one get a tax credit for running on at least partial renewable energy? A geothermal system, solar installation, wind, etc.?
Where does a hybrid vehicle fit in? I know one gets a tax credit for owning a typical hybrid.
If one has an atypical hybrid, that is, not running with an electric motor/combustion, is he still eligible for a tax credit?

craptastico
09-10-07, 07:19 AM
I believe the renewable energy tax credit is only aplicable fif you are generating on-site. For example if you have a wind turbine on your property or photo voltaic cells on your roof. As for geo thermal I'm unaware of a consumer scale system but that doesn't mean they don't exist. I am also not sure if these are federal or state credits. If I remeber correctly it is only one or the other (in MA at least) and I believe that it is federal.

As for the tax credit on the hybrid. Again this is how I remeber it, the credit is for the purchase of the car not for building one. And there are specific limitations on this credit. I believe that Toyotas either no longer qualify for the credit or are close to not being eligable due to the number of hybrid units the company has sold in the US.

This whole post may be crap but I'm pretty sure there is at least some truth in there.
ModoVincere
09-10-07, 09:25 AM
Some states offer subsidies to encourage PV installations. Not sure of the states exactly, but one up north offers to pay 50% or so of the costs of the cells and the installation. This basically brings the cost to the end user in line with traditional power sources.

phantomcow2
09-10-07, 06:04 PM
I know in NH, if you install a geothermal, you'll get 30% of the installation covered up to $2k.
I have acquired a new assortment of hardware to reduce my carbon foot print. I guess I'll talk to the tax lady we deal with.
1ply
09-11-07, 06:10 AM
I know in NH, if you install a geothermal, you'll get 30% of the installation covered up to $2k.
I have acquired a new assortment of hardware to reduce my carbon foot print. I guess I'll talk to the tax lady we deal with.

Up here you get an $8000 credit for installing geothermal. Of course installing a system runs from 20,000 to $25,000. I can't see anything being put in for 6k. If that were the case I would have said bye bye to the gas company a long time ago.