Gov. Edward G. Rendell, D-Pa., has announced the availability of a new tax credit to encourage the growth of renewable energy in Pennsylvania.
The Alternative Energy Production Tax Credit Program provides a tax credit of 15% of the net cost of alternative energy production projects that were developed between July 9, 2008, and Dec. 31, 2008.
Types of eligible projects include solar, wind, geothermal, biologically derived methane gas, fuel cells, biomass and coal methane. There is a limit of $1 million per applicant and $5 million for the program. Should the amount of approved tax credits exceed the limit, all tax credits will be pro-rated. Interested parties must apply for the tax credit by Sept. 15.
‘When I signed the Alternative Energy Investment Act last July, the goal was to make available a number of funding options to assist Pennsylvania's residents and businesses seeking to battle rising energy costs by developing projects that generate clean, renewable energy, reduce energy consumption and save money,’ says Rendell.
For more information, visit depweb.state.pa.us.
SOURCE: Pennsylvania Office of the Governor