Outlook sunny for homeowners who want to tap solar energy (Fed & state tax credits, Virginia)

[jpak]

http://www.dailypress.com/news/dp-local_solar_1227dec27,0,6332819.story

Changes in federal tax laws and proposals at the state level could dramatically lower costs to homeowners who want to switch to renewable energy.

As part of the bailout package on Oct. 3, the federal government renewed the 30 percent tax credit for homeowners who install photovoltaic systems and lifted the $2,000 cap.

And Gov. Timothy M. Kaine is proposing a $2,000 per kilowatt tax credit for solar systems, capped at $8,000, and $1,000 per kilowatt tax credit for solar water heating systems, capped at $4,000.

Kaine would cap the entire program at $2 million — $1 million for home owners and $1 million for businesses.

<more>