Renewable Energy Investment Tax Credit

The Renewable Energy Investment Tax Credit (ITC for short) has passed and as well, it’s been renewed until 2016. Also, they increased the caps on how much you can claim for the credit.

$2,500-$7,500 tax credit for people who buy plug-in electric vehicles. (That should make General Motors (GM) happy as it prepares to roll out its ever-increasingly expensive Volt plug-in electric hybrid.)

Homeowners also won an extension of a tax credit for installing solar panels and the $2,000 cap on such systems was lifted. Put in a small wind turbine or a geothermal heat pump and you can claim up to a $4,000 and $2,000 tax credit, respectively.

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