Stimulus Package on the Way; Energy-Efficiency Tax Credits Likely to Be Part of The Mix

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With the House today passing its version of the economic stimulus package, we’re getting closer.  The Senate is expected to take action next week.  While I won’t bet on the exact outcome, it looks pretty clear that the tax credits for existing home improvements which were not in effect last year will continue and expand slightly for 2009.  In fact, they were part of the bailout package at the end of 2008.  It looks like the tax credit will be slightly expanded, allowing a bigger credit for individual measures like insulation, boilers, and windows, and a bigger overall credit for up to $1,500.  It’s also very likely the funding for low-income Weatherization Assistance services will significantly expand.  This means that we are likely to see some bottlenecks as demand for things like insulation increase.  If you want to take advantage of these credits—and if you want to start saving on your bills now instead of toughing it out for another season—it’s probably time to start putting your project together.  There are few investments out there that make more sense right now that investing in long-term savings in you home.

 

Thanks,
Mike

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