Jan 13, 2009 4:00 pm US/Eastern
EnergyWatch: Tax Credits for Alternative Energy
PHILADELPHIA (CBS 3) ―
2009 has brought new tax breaks for installing alternative energy systems, and some local businesses hope that means more business for them, as CBS 3's Liz Keptner reports.
Want to go solar? As of January 1, homeowners can get a federal tax credit for new residential solar powered systems.
That's good news for people like Michael Matotek, who designs and installs solar panels at Open Sky Energy Systems in Swarthmore.
Solar rebates used to be capped at $2000 dollars. Now it's up to 30 percent.
"These are quite expensive systems. They're long term investments, but they are a lot of upfront money, so when they removed that cap and now there's a 30 percent credit that's available, makes a very big difference," said Matotek.
There's state help as well. Pennsylvania is starting an alternative energy rebate plan that could cut installation costs for businesses and homeowners.
"Every little bit you can do to cut into that bill with things like alternative energy is a big deal," said State Rep. Bryan Lentz. "It's going to help people stay in their homes and keep their family budget."
Joe Coyle of Open Sky Energy Systems predicts, "With 30 percent from the federal government and the proposed rebate program through the state, 50 percent offset of the total installed system."
Expect even more tax incentives coming soon because of President-elect Barack Obama's economic stimulus legislation, which places a high emphasis on energy.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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