Get your share of the Stimulus Funds!
Tax incentives are available for approved energy-efficiency improvements to your home and more are on the way! Be smart about your choices…Let Energy IQ help you figure out which ones you need most!
If your home needs new ductwork and insulation, but you buy new windows to reduce your energy bills instead, not only are you wasting money, you are throwing away your tax credit too!
Without knowing what your home truly needs, you can wind-up wasting thousands of dollars on products with slick advertising, but very little value when it comes to reducing your bills! We can help you use your tax credits wisely by showing you which improvements you should prioritize in your home. This maximizes the value of this generous gift from Uncle Sam!
Here’s a synopsis of the two home energy incentives available now from the federal government and one major one on the horizon:
American Existing Home Retrofit Tax Credit (25C)
Status: Applicable through 2010
Summary: Provides tax credits up to 30% of a qualified project’s cost, or $1500, whichever is less. Qualified projects include insulation, weathersealing, Energy Star windows and exterior doors, and qualified air conditioning and heating-equipment
upgrades.
Wind, Solar, Geothermal, and Fuel-Cell Tax Credit (25D)
Status: Applicable through 2016
Summary: Provides 30% of a project’s cost, but with no cap. Unfortunately, you have to discount any state or utility incentives from the total project cost. If your solar panels cost $10,000 and your state offers a $2500 subsidy for the project, the federal government will reimburse you only 30% of the balance, or $2250.
HomeStar Energy-Efficiency Retrofit Program
Status: Pending federal legislation
Summary: Building on the Department of Energy’s successful Energy Star model, the Home Star program would offer two tracks toward energy incentives: silver and gold.
The first track, silver, would be a prescriptive option with a menu of upgrades similar to those now available for existing tax credits. You have to select at least three items off the menu, and the government would invest $1000 in each, for a total subsidy of $3000.
The gold track is based on improved overall energy performance. Based on an audit of existing conditions, the program offers no prescriptions, but rather requires a minimum 20% reduction in energy consumption. Achieve the minimum level, and the government would invest $3000 in your project. For every 5% improvement beyond minimum, the feds kick in another $1000, with an $8000 cap.
