Tax Credits for Energy Efficiency


| November/December 2008



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The Energy Policy Act of 2005 has offered more than $14 billion in tax incentives for businesses and individuals who improve energy production and efficiency. Among them are several tax credits for builders and homeowners who make energy efficiency improvements to the home. While credits for improvements to existing homes ended in 2007, new homeowners can still take advantage of the following tax credits through the end of 2008:

  • 30 percent of the cost for installing photovoltaic systems to provide electricity to the home, up to a $2,000 maximum tax credit.
  • 10 percent of the cost for creating energy-efficient building envelopes up to a $500 maximum lifetime credit – this may include insulation that reduces heat loss or gain, upgrading thermostats and installing metal roofs with coatings that reduce heat gain.
  • Up to $200 lifetime credit for newly installed energy efficient exterior windows.
  • Up to a $300 lifetime credit for qualifying energy efficient heat pumps, air conditioners and water heaters.
  • Up to $200 for energy efficient home appliances.

Check with your state’s Department of Energy for state or local credits.

essencew
5/16/2009 2:52:04 AM

Tax credits are now available on alternative energy usage. Many people suffered from credit crisis due to the current changes in the economic situation wherein the price of basic commodities increased including fuel and oil. This is why you really should check out opportunity.gov. Opportunity.gov is a Federal website that is geared toward people dealing with unemployment. It has helps for worker retraining and Pell grants for people who want to go back to school, and unlike quick payday loans, you don't have to pay them back. The available funding for Pell grants has dramatically increased, and also the tax credits for college students with the American Opportunity Tax Credit, which are both part of President Obama's plans for supercharging higher education in our nation. Taking advantage of opportunity.gov might mean getting a job good enough that you'll never worry about debt relief. http://personalmoneystore.com/moneyblog/2009/05/08/opportunitygov/






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