‘On October 3, 2008, President Bush signed into law the "Emergency Economic Stabilization Act of 2008." This bill extended tax credits for energy efficient home improvements (windows, doors, roofs, insulation, HVAC, and non-solar water heaters). Tax credits for these residential products, which had expired at the end of 2007, will now be available for improvements made during 2009. However, improvements made during 2008 are not eligible for a tax credit.'
‘The bill also extended tax credits for solar energy systems and fuel cells to 2016. New tax credits were established for small wind energy systems and plug-in hybrid electric vehicles. Tax credits for builders of new energy efficient homes and tax deductions for owners and designers of energy efficient commercial buildings were also extended.' From the energystar.gov website.
Okay, so what can you do for the year 2008? And how do you plan for 2009.
Well, for 2008, you can check your State's tax incentive programs at the Department of Energy's website to see if your state offers any tax incentive for home or business improvements. (http://apps1.eere.energy.gov/states/alternatives/tax_incentives.cfm)
They have a link to a database which lists each individual State's incentives. If the link on that page doesn't work for you, (as it didn't for me) you can get there by clicking on this one: http://www.dsireusa.org/
Also, check the manufacturer's website for a rebate offer. I'm afraid there is not much more you can do than this.
For 2009, however, you can prepare now. Go to the Energy Star website and print out their chart for Federal Tax credits for Consumers, Home Builders and for Commercial Buildings. This will help you in determining which products to buy for the best value.
Lots of great information here. For example, did you know that there is a tax credit for builders of Manufactured Homes if they are built to increase energy efficiency of the heating and cooling system by 30%? Or that there is a tax credit available for purchasing a Biomass Stove (stove which burns biomass fuel to heat a home or heat water)?
Obviously, this isn't a complete offering for what might be out there, but it's a place to start.
I wish you all smart planning for a renewable New Year!
Frances Sanderson, Franklin, NH REALTOR®, Certified EcoBroker®
603-455-2224 www.fransanderson.com
Thanks for the tax credit info Fran. I have been wanting to look them up but hadn't gotten around to it. This makes it easy. Thanks for sharing... Have a Happy New Year!
You are very welcome, Diane. I've been researching the property tax exemption some more as well. Look for my next blog to be about that.
Happy New Year to you as, well!
Fran
Great posting... I work with a lot of green buyers, sellers and builders, and this is often overlooked when pricing improvements or new construction. Thanks for bringing it to our attention!
Hi Frances - Thanks for highlighting the website with the information! Many consumers do not know of these resources that are out there and don't understand the tax credits which that were designed for their benefit! I say anytime the goverment is giving me money, I'll take it!!!
Hi Alex,
I can't agree with you more about knowing when and if free money is available BEFORE you've actually gone and built something or bought something.
And Mary, just like you, I am all about trying to save money wherever I can, for myself as well as my clients. Thank you both for stopping by to comment :-)
Fran
Frances~
AND...I really like the graphics you included in this post...
Thank you, JaneAnne,
I know that visually, graphics make for a better post, however some don't come out as clear as you'd like them to. That's how I felt about this one, so I'm especially glad that you gave positive feedback on the graphic. You're a very supportive AR member and it's much appreciated!
Fran
Great posting Frances for people who are looking for this information. Now we just need to urge them to take advantage of these credits! I say anytime the government is going to give YOU money...take it!!