EFFICIENCY CUTS TAXES

Energy efficiency can also mean lower tax bills
Pamela Brust, July 5, 2009 (Parkersburg News and Sentinel)

"Replacing old doors and windows, installing insulation, remodeling and building with an eye toward energy efficiency could do more than help save on utility bills down the line, it may also translate into savings on your tax bill as well.

"According to the U.S. Department of Energy, The American Recovery and Reinvestment Act of 2009 extends, expands, and simplifies federal income tax credits for homeowners who make energy efficiency home improvements. The law extends consumer tax benefits through 2010; triples the total available tax credit from $500 to $1,500, and increases the tax credit to 30 percent of the cost of each qualified energy efficiency improvement. It also removes the cap on geothermal heat pumps and solar water heaters through 2016."

Efficiency saves in so many ways. (click to enlarge)

"Consumers who purchase and install specific products, such as energy-efficient windows, insulation, doors, roofs, and heating and cooling equipment in existing homes can receive a tax credit for 30 percent of the cost, up to $1,500, for improvements placed in service starting Jan. 1, 2009, through Dec. 31, 2010."

click to enlarge

"Consumers who install solar energy systems (including solar water heating and solar electric systems), small wind systems, geothermal heat pumps, and residential fuel cell and microturbine systems can receive a 30 percent tax credit for systems placed in service before Dec. 31, 2016…[I]nformation about the stimulus package is just circulating and most consumers probably are just now becoming aware of the possibilities…

"…[T]he building industry overall is up about 17 percent over the last couple of months…If a person is building a new home, according to the Department of Energy, they can qualify for the tax credit for geothermal heat pumps, photovoltaics, solar water heaters, small wind energy systems and fuel cells…More information is available on the American Recovery and Reinvestment Act including specific projects and equipment it covers, go to [Alliance to Save Energy]…and click on [Energy-Efficiency Home and Vehicle Tax Credits]…and the U.S. Department of Energy's Web site..."