| State: |
Georgia |
| Incentive Type: |
Personal Tax Credit |
| Eligible Renewable/Other Technologies: |
Solar Water Heat, Solar Space Heat, Photovoltaics, Wind, Geothermal Heat Pumps |
| Applicable Sectors: |
Residential |
| Amount: | 35% |
| Maximum Incentive: | Solar hot water: $2,500
PV, active space heating, wind energy: $10,500
Energy Star-certified geothermal heat pump: $2,000 |
| Equipment Requirements: | Solar thermal collectors must meet SRCC certification OG-100 or FSEC-GO-80. Solar thermal residential systems must meet SRCC OG-300 or FSEC-GP-5-80. |
| Carryover Provisions: | Excess credit may be carried forward for five years from the close of the taxable year in which the clean energy property was installed. |
| Program Budget: | $2.5 million annually |
| Program Start Date: | 7/1/2008 |
| Program Expiration Date: | 12/31/2012 |
| Web Site: |
http://www.gefa.org/Index.aspx?page=423
|
In May 2008, Georgia enacted legislation establishing personal and corporate tax credits for clean energy equipment installed and placed into service. For clean energy property installed for single-family residential purposes, the tax credit is equal to 35% of the cost of the system (including installation). The credit is subject to various ceilings depending on the type of system.
The following credit limits for various technologies and sectors apply:
- A maximum of $2,500 per residence for domestic solar water heating
- A maximum of $10,500 per residence for photovoltaics (PV), active space heating and wind energy systems
- A maximum of $2,000 per installation for Energy Star-certified geothermal heat pumps.
Leased systems are eligible for the credit. (In the case of a leased system, the cost is considered to be eight times the net annual rental rate, which is the annual rental rate paid by the taxpayer less any annual rental rate received by the taxpayer from subrentals.)
Before claiming the credit, the taxpayer must submit an application to the Georgia tax commissioner for tentative approval, as the aggregate amount of tax credits -- both personal and corporate credits -- taken may not exceed $2,500,000 in a given year. Tax credits are granted on a first come, first served basis and may not exceed the taxpayer's liability for that taxable year. The credit must be taken for the taxable year in which the property is installed. Excess credit may be carried forward for five years from the close of the taxable year in which the installment of the clean energy property occurred.
Solar hot water systems must be certified for performance by the Solar Rating Certification Corporation (SRCC), the Florida Solar Energy Center (FSEC) or a comparable entity approved by the tax authority. The equipment must meet the certification standards of SRCC OG-100 or FSEC-GO-80 for solar thermal collectors and/or SRCC OG-300 or FSEC-GP-5-80 for solar thermal residential systems.
This tax credit is in effect from July 1, 2008, until December 31, 2012. For more information, review the
guidelines for the tax credit issued by the Department of Revenue.
