Posts Tagged ‘tax credit’

Energy Tax Credits for 2013: Available again!

January 9, 2013

greenhomes evergy infographic

One good result from the end of the year fiscal cliff hanger is an extension of the residential energy tax credit.

If you haven’t used it in the past, all the way back to 2006, there is a $500 tax credit for material costs of certain energy efficiency measures done to your home.

The American Taxpayer Relief Act extended the tax credit through 2013, making it retroactive from January 1, 2012. This means last year counts as well.

10% of the cost of materials, such as insulation, exterior windows, and doors that meet Energy Star requirements, can be used. Credits for window expenses are limited, as are AC units and furnaces, so a combination of improvements will help maximize what you can get, just perfect for home performance work on your home.

Check out http://www.irs.gov/ for more information. Or see the entire American Taxpayer Relief Act of 2012 here. Ask us we can help!

Thanks,
Jason

Time Running Out for Home Energy Efficiency Tax Credit

October 13, 2011

We’ve provided the details on the federal home energy-efficiency tax credit a few times this year—for efficient furnaces, air-conditioners, windows, insulation, and the like. You’ve have access to the federal tax credit for existing homes for almost six years, in some form or another, including a bump up in the credit amount for two years as part of ARRA and then ratcheting back down this year.

But the time is running out. These federal credits disappear at the end of the year. To be eligible, qualified products must be “placed in service” (installed) by December 31, 2011. If you know you’re going to be doing something that qualifies, now is the time. I’m not betting that Congress will pull together and agree on much of anything, let alone pass something like an extension of this tax credit. So right now, it looks like before the end of the year, or kiss it goodbye.

Of course, if the time isn’t right for you, we always help our customers find any other incentives out there. Call us when you’re ready.

Thanks, Mike

Yes, Virginia, there are energy improvement rebates.

March 23, 2011

Energy Efficient Solutions, A GreenHomes America PartnerWe mentioned partner Energy Efficient Solutions while talking about their great crawlspace work the other day.  Well, they can help you tap into some of the great rebates available on cooling and heating equipment still available in Virginia, right now.  But likely only if you act fast.  There are still Recovery Act rebates in place for heat pumps, furnaces, and water heaters.  And there is a home retrofit program on the streets in the Hampton Roads area.  In many cases, these are in addition to already existing utility rebates–up to $5,000!  But as we’ve seen on most other states, these funds will probably be used up quickly, within weeks or months.   It’s first-come, first-served, and when the money’s gone, it’s gone.  Don’t miss out.  [Call Energy Efficient today to get your place in line!]  Whether rebates or tax credits or both, depending on your project, now is the time.

Yes, Virginia, there is still a federal home energy tax credit

February 19, 2011

I mentioned this several weeks ago, but we’re still getting A LOT of questions on the 2011 energy-efficiency tax credit for things like furnaces, air-conditioners, insulation, and windows.  The credit is there, but there are many changes from the 2009-2010 credit.  See our tax credit summary for information about what qualifies.

[P.S. Don’t forget to claim your credit if you made eligible upgrades in 2010.  We’ve kept information on last year’s credit posted for your reference.]

Thanks,
Mike

LA Times: Energy-efficiency tax credits gutted

December 26, 2010

The LA Times reports what we touched on several days ago.   The extended federal tax credit is much lower in 2011 than is was in 2010.   This is certainly a big step backward in terms of a good national energy policy (a phrase you almost can’t use “national energy NONpolicy” might be better.  But in many states–including California–the outlook isn’t bleak.   In CA, for example, Energy Upgrade CA, is just about ready to kick off in earnest (we’ve already be delivering improvements under the pilot phase.   And as I mentioned last time, many generous state, local, and/or utility incentives still exist or are just coming on line.  Give us a call or visit our website to see how we can help.

And be proactive about it.  While the jobless numbers are still way too high, the U.S. economy has begun its climb–expected to be a long, slow climb, out of the dumps.  And with it, energy prices are climbing.  As reported in the WSJ, pre-Christmans trading saw oil futures climbing above $91/barrel again, up more than 13% since November.  “Several major banks expect prices to reach triple digits next year as demand rebounds with the improving global economy.”    And retail gasoline price are climbing, reflecting a broader impact to consumers.

Dollars invested in energy-efficiency start saving now, and provide even greater protection as energy prices increase.  So while the gutting of the tax credit isn’t a good thing, it’s still the right time to save.  Take the steps now.

Thanks,
Mike

Home Energy Upgrade Tax Credits Chopped in 2011.

December 21, 2010

[Editor’s update, Jan. 4, 2011:  A comprehensive summary of the 2011 energy tax credit with a table listing specifications and dollar amounts for various improvements is now available.]

Included in the tax legislation that Congress recently passed and the President signed is a one-year extension of the federal tax credit for energy improvements to homes.  Unfortunately, it’s significantly less attractive than the 2010 tax credit.  In 2011, there will be an overall cap of $500, with smaller caps for particular items.  For example, qualifying furnaces would only garner a $150 credit.   The WSJ’s Market Watch gives a nice high level view.  The 2011 credit is in sharp contrast to the $1,500 credit you could have received in 2010.  There’s really only one week left to try to take advantage of the much better credit.  If you think you’ll need a new furnace (for example) over the next couple of years, it may be worth accelerating the change–if you can still squeeze it in.

We’ll post a comprehensive view of the details for 2011 on our website in coming weeks, much like information on the current credit available in 2010.

There are still very generous state, local, and/or utility incentives for many of the customers we serve.  Give us a call or visit our website to see how we can help.

Thanks,
Mike

Last Call for $1,500 home efficiency tax credits.

December 11, 2010

The final two weeks:  The $1,500 federal energy efficiency tax credits expire on December 31st 2010.  Need a new furnace?   Insulation?  This credit is likely to disappear, and to be eligible, qualifying equipent has to be installed by December 31, 2010.  The tax credits offer up to 30%/$1,500 back on qualifying measures.   That can be 1/3 off the price of a hgih-efficiency furnace with an efficient motor to save you not just gas, but electricity.   You’re not likely to find a better time to get a new furnace in particular, so now is the time to act to avoid missing this opportunity.

Thanks,
Mike

Winter is creeping up on us, are you ready?

September 17, 2010

Last time I wrote that having a little foresight can go a long way when it comes to energy efficiency, so now let me elaborate… Winter is just around the corner, are you ready for it?

Even if you live in the sunny paradise that is California (sorry everyone else, you know it’s true), there are still many ways you need to prepare for winter so that the energy bills don’t break the bank.

There are literally hundreds of ways your house can leak heat and cause you headaches, so for most of us the way to put your best foot forward coming into winter is by having a comprehensive energy audit performed on your home. Sounds expensive huh? Actually, not really. Typically the audit pays for itself in savings quickly–assuming you actually follow through is some of the recommendations, of course!

And don’t forget your rebates!

The Federal tax credit program for home energy efficiency improvements expires on December 31, so make sure to take care of those nagging problems and upgrades you’ve been meaning to make while Uncle Sam will help foot the bill.

There are a multitude of products and services that are eligible for the rebate of 30% of your costs, up to $1,500, but the work must be completed by Dec 31, 2010. Visit our summary of the program to learn what is covered under the program.

Time running out on federal tax credit

September 16, 2010

A reminder that the available federal energy efficiency tax credits expire on December 31st 2010.  The tax credits offer up to 30%/$1,500 back on qualifying measures.  With all the partisan rancor in Congress right now, it’s unclear—I’d say unlikely—that Congress will be able to pass any extension of the credits.  Any qualifying work would need to be installed by December 31st to be eligible.  Now is the time to act to avoid missing this opportunity.

Stop by the GreenHomes booth at the New York State Fair

August 31, 2010

Maggie Maurer is out at the GreenHomes booth at the New York State Fair in Syracuse, and she reports that a lot of folks are stopping by with great and serious questions (and some just want a lollipop!).  It’s super to see people taking a strong interest in energy-efficiency.  The biggest questions yesterday were about high-efficiency furnaces eligible for the federal tax credit through the end of the year and solar hot water.  We’ll see what the rest of the week brings.


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