Iowa Senate News Release
For Immediate Release: May 29, 2012
Cedar Rapids-State Senator Rob Hogg (D-Cedar Rapids) announced today that $1.5 million in state solar energy tax credits are now available for homes and businesses because of the passage of Senate File 2342.
"With these state tax credits, now is the time for Iowa businesses and Iowa homeonwners to move forward with solar energy projects," Hogg said. "Solar energy works in Iowa and helps meet our energy needs. These tax credits will help create jobs for the installation of hundreds of solar projects across our state each year."
The bill, which passed the Iowa Senate 45-1 and the Iowa House 82-14 and was signed by Governor Branstad on Friday, provides state tax credits for solar electric, solar hot water, and geothermal energy systems. Iowans are now eligible for solar tax credits up to $3,000 per project for homeowners and $15,000 for businesses.
Senate File 2342 also provides a tax credit up to 20% of a federal tax credit for geothermal heat pumps, and a ten-year property tax exemption for any increased valuation due to geothermal heating or cooling systems.
Hogg made the announcement about the availability of state tax credits at Paulson Electric, 3050 12th Street SW, in Cedar Rapids, which recently installed a 20.7 kilowatt solar photovoltaic system on the roof, which is expected to meet one-third of Paulson Electric's electrical consumption.
Joining Senator Hogg at the announcement were Tyler Olson of Paulson Electric, Brad Duggan of Van Meter, Inc., Kimberly Dickey of I-RENEW, Sheila Samuelson of Bright Green Strategies, and other representatives of the Regional Sustainable Business Alliance and the Iowa Solar/Small Wind Energy Trade Association.
Iowans who want to learn more about solar energy can do so by attending I-RENEW's 20th Anniversary Renewable Energy Expo at Kirkwood Community College in Cedar Rapids on June 8 through 10.
-END-