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The recently passed Emergency Economic Stabilization Act of 2008, altered many consumer tax incentives that were introduced in the 2005 Energy Policy Act. Currently, these Federal and state incentives are being offered to consumers, and companies going green. The tax credits and incentives are eligible to consumers with energy efficient structures, vehicles, and equipment.
Renewable Energy Incentives
These incentives include tax credits for production and facilities using wind, refined coal, geothermal, biomass, solar, and combined heat and power systems. In addition, $800 million of Clean Renewable Energy Bonds (CREBs) are authorized to finance renewable facilities. A tax deduction of up to $1.80 per square foot is available to owners or designers of new or existing commercial buildings that save at least 50% of the heating and cooling energy of a building that meets ASHRAE Standard 90.1-2001. Partial deductions of up to $.60 per square foot can be taken for measures affecting any one of three building systems: the building envelope, lighting, or heating and cooling systems. These tax deductions are available for systems ready and available to use from January 1, 2006 through December 31, 2013.
To gather further information on this topic, go to http://www.dsireusa.org/ for the Database of State Incentives for Renewables and Efficiency.
Tax Credits for Energy Efficiency
Home improvement tax credits are available for home improvements that are ready and available to use from January 1, 2009 through December 31, 2009. Any qualified home improvements made in 2008 are not eligible for the tax credit. These tax credits are also available for consumers that purchase insulation, replacement windows, non-solar water heaters, and certain high efficiency heating and cooling equipment. The maximum amount that a taxpayer may claim from all of these tax credits combined is $500 over the lifetime of the tax credit (2006, 2007 & 2009).
Solar Energy System Tax Credits
Tax credits are available to consumers with qualified solar water heating and photovoltaic systems installed in their homes. The credits are available for systems ready and available to use from January 1, 2006 through December 31, 2016. The tax credit is for 30% of the cost of the system, up to $2,000. After December 31, 2008, this $2,000 cap will be removed for photovoltaic systems (but not solar water heaters). This credit is completely separate from the $500 home improvement credit.
Small Wind Energy System Tax Credits
Homeowners who install residential small wind turbine systems have tax credits that are available to them. The credits are available for systems ready and available to use from January 1, 2008 to December 31, 2016. The tax credit is for 30% of the cost of the system, up to $500 for each half kilowatt of capacity with an overall maximum of $4,000.
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