Rebates and Incentives
Suddenly, it seems as though America is going GREEN. But for years, our government has been providing some great federal and state incentives to help out the homeowner and commercial builder pay for the costs of alternative energy use. The rebates and incentives are as follows:
Renewable Energy Tax Credits for New or Existing Homes
Homeowners can receive a tax credit of 30% of the cost of photovoltaic systems (solar panel installations) with no upper limit. This also includes small wind energy systems. The systems MUST be placed in service before December 31,2016. In Washington State, solar panel installations are tax exempt. Ask us about the different financing options as well!
Energy Efficiency Tax Credits for Existing Homes
When remodeling an existing home to be more energy-efficient, homeowners can receive a tax credit of 30% of the cost of the improvements. This only applies though to windows, roofing, insulation, heating and cooling equipment.
Energy Efficient Tax Credits for Commercial Buildings
A tax credit of up to $1.80 per sq. ft is available for commercial buildings that save at least 50% of the heating and cooling energy of a building that meets ASHRAE Standard 90.1a-2003. Partial deductions of up to $.60 per sq.ft can be given for improvements of the building envelope, lighting, or heat and cooling systems. This act extends through December 31, 2013.
Tax Credits for Home Builders
Builders of energy efficient homes that are substantially completed before December 31, 2009 can receive a tax credit of $2000.00 for homes meeting a 50% energy savings with at least 1/5 of the savings coming from building envelope upgrades. Builders of new manufactured homes can receive a $1000.00 tax credit for meeting a 30% energy savings with at least 1/3 of savings coming from building envelope upgrades. For more information, check out Energy Star’s website at www.energystar.gov. If you have any questions, please just give us a call.
Information courtesy of: www.energystar.gov and www.energy.gov
