Get a Tax Credit for Using Renewable Energy in Oregon
Oregon has always been known as an environmentally conscious state. To this end, you can even get a tax credit for using renewable energy.
Get a Tax Credit for Using Renewable Energy in Oregon
Residents in Oregon can claim a Residential Energy Tax Credit if they use renewable energy systems. The tax credit can be claimed by both homeowners and renters, a scope not found in most states.
To qualify for the Residential Energy Tax Credit, a homeowner or renter must convert to a clean energy system in one of the following areas:
1. Appliances,
2. Heating systems,
3. Cooling systems,
4. Ventilation or Duct Stems,
5. Closed-loop geothermal system for space heating or water heating,
6. Solar thermal heating,
7. Solar electrical generation through solar panels,
8. Wind power production,
9. Use of fuel cells, and
10. Hybrid fuel vehicles.
The amount of the Renewable Energy Tax Credit depends on the particular area in which you pursue clean energy platforms. Highlighted amounts are:
1. Solar Systems – Nope, not the planetary system. Instead, you can claim up to $3 per peak watt for your system with a cap of $6,000. Please note, however, that you can only claim up to $1,500 a year, but can carry the credit forward to following years. For solar platforms used to heat structures and water, the tax credit is 60 cents per kilo-watt hour with a cap of $1,500. The same applies to wind systems, fuel cell platforms.
Unlike other states, Oregon will give you a tax break for heating your pool. Clean energy pool heating systems such as solar are eligible for a tax credit equal to 15 cents per kilo-watt hour of saved energy compared to a traditional heating system. There is a cap on the system, which is 50 percent of the total cost or $1,500. Still, this represents a major savings over programs offered in other states.
2. A closed loop geothermal system is one in which circulating fluid remains in the piping without exception. They are typically used to cool and heat homes. If you convert to such a system, you can claim a tax credit of $300 to $900 depending on the type of system.
3. Appliances are often the biggest energy wasters. If you purchase an appliance approved by the Oregon Department of Energy you can claim a tax credit equal to the amount indicated by the department or 25 percent of the net cost of it. Sorry, but you have to take the lesser amount.
4. Clean energy heat pump systems can garner you a tax credit of $300 to $500. Note, however, that you must have it installed by a licensed contractor.
5. Hybrid vehicles are all the rage these days. If you have one in Oregon, you can claim a tax credit of $750. This is on top of the tax credit you get from the federal government as of January 1, 2006.
Oregon has always been known as a green state. Financial incentives in the form of tax credits bear this out.
Rick Chapo is with SolarCompanies.com, a directory of solar energy companies. Visit us to read more articles on solar power and renewable energy. Article Source: http://EzineArticles.com/?expert=Richard_Chapo |
