With the signature of Gov. Nathan Deal, Georgia's solar energy tax credit will now increase to $5 million annually in 2012, 2013 and 2014 from the current $2.5 million yearly limit.
According to the Georgia Solar Energy Association (GSEA), the new law, which the General Assembly approved last month, helps ensure that the solar energy market in Georgia continues to thrive, creating jobs and new investment opportunities statewide.
Businesses are eligible to receive up to $500,000 in tax credits to offset the cost of installing solar photovoltaic electricity generating systems, and homeowners are eligible to receive up to $10,500 in tax credits for residential solar energy systems. The tax credits must be taken over four years.Â
If the $5 million ceiling is reached in any year, eligible taxpayers on a waiting list will have priority over taxpayers that apply for the credits in subsequent years. The Georgia Department of Revenue will determine other administrative details about the tax credits.
In 2010, clean energy tax credits totaling almost $2 million were awarded to 47 solar PV projects and 90 solar water heating installations in Georgia, GSEA says.