On Oct 3rd, 2008 President Bush signed the infamous $700 billion dollar bailout bill. Although it received much deserved press, many didn't realize that amended to the bill was an extension of tax credits for those investing in solar technology, which considerably brightens the solar industry. A 30 percent tax credit on solar investment was due to expire at the end of next year. The new legislation calls for extending the credits for another eight years.

The average cost of a system to run a house on solar power is about $45,000, but through federal, state and local breaks the homeowner pays a little more than half that out of pocket. Within ten years the systems pay for themselves through lower energy costs. Not only does it eliminate your monthly energy bill, it also increases the value of your home.

Generating electricity from solar means less consumption of fossil fuels; reducing pollution and greenhouse gas emission from local power plants. By switching over to solar power your organization will be doing its part to combat global warming, and reduce our nation's dependence of foreign energy sources. You can even use solar power to heat your water. Solar thermal systems are less expensive that solar panels and qualify for the same tax incentives. A solar thermal system costs between $3,500 and $5,000 to install, and will heat all the water in your home. A home with solar energy panels and a solar thermal system can literally have ZERO utility bills.

10 WAYS TO CLAIM FEDERAL TAX CREDITS FOR GOING GREEN

• Buying a hybrid, a car that runs on alternative power, or a lean-burn diesel vehicle can net you a tax break of $250-$3,400. This refund is dependent on the amount of gas saved by the engine and the overall weight of the vehicle. If you buy two hybrids, you get two tax breaks.
  
• People who buy and install energy-efficient windows, insulation, roofs, doors, air conditioners and central-heating units can receive a $500 tax credit.
  
• If you have a swimming pool or hot tub heated by solar power, you can recoup thirty percent of your expenditures, unless it exceeds $2,000. In those cases, you would just get a refund of 2k.
  
• You can recoup 10% or $200 from a green exterior window or skylight installation as long as they meet IECC standards.
  
• Replacing exterior doors with eco-friendly ones will net you 10% or $500 dollars back.
  
• With a metal, Energy-Star roof you can reclaim 10% or $500.
  
• Certain types of insulation will allow you to recoup 10% or $500.
  
• Greening up your central air-conditioning unit, utilizing geothermal heat pumps, installing air source heat pumps, putting in a gas, oil or propane water heater or an electric heat pump water heater will entitle you to garner a $300 dollar tax credit for each qualifying improvement.
  
• A gas, oil, propane furnace or hot water boiler installed in your home will make you eligible for a $150 tax credit.
  
• An advanced main air circulating fan allows you to claim a $50 refund.
  

THE FACTS

Every state has its own tax breaks. Make sure to utilize those as well. If you plan to go green, check the tax code first.