• On October 3, 2008, President George W. Bush signed into law the Emergency Stabilization Act followed by President Barack Obama signing into law the American Recovery and Reinvestment Act of 2009 (ARRA) on February 17, 2009.
• The combined effect of these two laws provides a 30% tax credit on both the purchase and installation of qualifying products in renewable technologies such as solar electric property, residential solar water heating, qualified small wind energy and qualified geothermal heat pump energy, among others.
Under these laws, VELUX Solar Powered Fresh Air Skylights
as well as VELUX Solar Powered Blinds
qualify under "Solar Electric Property" expenditures when purchased and installed from January 1, 2009, through December 31, 2016 and extended through 2021 (See below). This tax credit is a direct debit of the taxpayers total tax liability.