The initial costs of installing a residential wind power system can be high, but there are many resources available to help homeowners pay these costs. The U.S. Department of Energy offers an online compilation of incentives called the Database of State Incentives for Renewables and Efficiency, to assist people in finding incentives and tax credits in their area.
Another online resource for finding wind power investment incentives is the American Wind Energy Association (AWEA). Not only does the AWEA provide resources for state and local incentives, it also explains the legislation that affects small wind owners. The most recent law, the American Recovery and Reinvestment Act of 2009, made changes to existing credit and incentive programs in order to make wind power systems even more affordable.
Provisions of the law which apply to home wind systems:
For wind turbines installed on homes, farms, and businesses with a capacity of 100 kW or less, there is a federal investment tax credit (ITC) available.
The ITC credits the turbine buyer up to 30% of the cost of the wind power system, with no cap on the credit amount.
The ITC applies to wind systems purchased between October 3, 2008 and December 31, 2016.
It's best, when considering installing a wind power system on your property, to first look at the full costs of the system. Factors to consider include:
-Determine wind speed on your site by performing a wind data assessment, or hiring a professional to do a wind survey.
-Research different types of equipment and seek multiple quotes and bids on the turbine and installation.
-Compare the potential energy generation of the wind system with your current electricity costs to determine if the system will reduce your utility bill.
-Talk with your utility about negotiating an interconnection agreement.
-Find all relevant zoning laws and add up the resulting fees.
-Then, find the incentives and tax credits offered on a local, state, and federal level. You may qualify for tax credits from the government as well as incentives from your utility or county.
If you determine that your wind power system qualifies for the American Recovery and Reinvestment Act tax credit, you can expect at minimum to receive a 30% tax credit next April.
Home wind power systems can be a significant investment, even after taking into account the tax credits and energy savings. Calculating your return on investment is one tool to use to decide if the system is right for you.
Residential Wind Energy: Will I Still Need My Power Company?
Click here to learn the difference between on-grid and off-grid wind power systems to determine which wind power setup is right for your application.
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