Iowa Senate Democrats have unveiled a proposal to grow Iowa's solar and small-wind industries. The state will provide a total $10 million in consumer rebates to jump-start the solar and small-wind industries in Iowa.
Residential projects will be allotted $4 million, with a maximum rebate of $3,000 per project. This will fund a minimum of 1,333 installations each year. The remaining $6 million of rebates will fund business projects, with a maximum of $15,000 per rebate, funding at least 400 installations a year.
‘This plan means work for the Iowa construction firms, plumbers, and heating and air-conditioning contractors who will install and maintain small solar installations and small wind turbines,’ says Sen. Joe Bolkcom of Iowa City. ‘Each project will leverage additional federal tax credits, bringing more money into Iowa and further encouraging Iowa consumers to switch to Iowa-based, clean energy technology.’
Existing federal tax credits will multiply the impact of the Iowa consumer rebates. The federal government is providing a personal tax credit that is equal to 30% of the qualifying expenditures of a residential renewable energy system, including PV, solar thermal and wind. The unit must be put into use by Jan. 1, 2016. There is no cap on the credit and excess credit, which can be used against future personal tax liabilities in the next year.
SOURCE: Iowa Senate Democrats