Facts About the Louisiana Solar Wind and Power Tax Credit
(EMAILWIRE.COM, November 04, 2012 ) Baton Rouge, LA -- Louisiana residents wishing to green their homes with solar electricity, pool heaters, hot water heaters or wind generators can receive up to a 50 percent refundable tax credit from the state. Established in January, 2008, the state tax incentives for wind and solar energy systems on personal residential property are still up for grabs today. These rebates can be utilized on top of the 30 percent refundable federal solar tax savings. However, the details of the program are cause for confusion for many potential beneficiaries. Educate yourself now on the programs details to ensure that you receive your fair share of benefits after you install your new system or purchase a recently built residential structure.
Louisiana Solar Tax Credit Details
The state of Louisiana will issue you a tax credit of 50 percent off of each system that you purchase that is equal to or less than $25,000. Therefore, if your large home or residential property requires multiple solar electricity, pool heaters, hot water heaters or wind generators, you will receive 50 percent off of the total purchase price back from the state for each system that you have installed. The credit is applied to any outstanding state taxes that you might owe. The state then refunds any outstanding balance due to you by check within one year of your accepted solar energy or wind tax credit program submissions.
Louisiana Wind and Solar Tax Credit Limitations
To qualify for the credit, the property at which the solar wind or power equipment is installed must be a home residence or residential apartment building. Additionally, the credit can apply to a recently built residential apartment building or home that you purchase. However, in order for you to be eligible for the new construction credit, the previous owner or builder of the property must not have applied for or received the Louisiana Solar Wind and credit. During your purchase negotiations, the seller is required by law to disclose your eligibility to receive the tax credit.
Additional Federal Tax Credit
Qualified Louisiana residents can also apply for the Federal Tax Credit for solar and wind energy in addition to the Louisiana tax credit. The federal tax credit covers 30 percent of the solar or wind home systems purchase price. Therefore, if you purchase a system for $25,000, you would receive $12,500 in state tax credits and $7,500 in federal tax credits. This would bring your total out-of-pocket expense to $5,000.
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