April Tax Credits and Energy Rebates…Bring Big Savings!
From the Energy Efficient Appliance Rebate Program to tax credits, take advantage of energy efficiency incentives.“Taxation with representation ain’t so hot either.“While this sentiment seems to pop up every year at this time, taking advantage of tax credits for energy efficiency investments can save you significant money. Below are examples of available tax credits and rebates:
HOME ENERGY EFFICIENCY IMPROVEMENT TAX CREDITS
Consumers who purchase and install specific products, such as energy-efficient windows, insulation, doors, roofs, and heating and cooling equipment in existing homes can receive a tax credit for 30% of the cost, up to $1,500, for improvements “placed in service” starting January 1, 2009, through December 31, 2010.
RESIDENTIAL RENEWABLE ENERGY TAX CREDITS
Consumers who install solar energy systems (including solar water heating and solar electric systems), small wind systems, geothermal heat pumps, and residential fuel cell and microturbine systems can receive a 30% tax credit for systems placed in service before December 31, 2016; the previous tax credit cap no longer applies.
AUTOMOBILE TAX CREDITS
Individuals and businesses who buy or lease a new hybrid gas-electric car or truck are eligible for an income tax credit for vehicles “placed in service” starting January 1, 2006, and purchased on or before December 31, 2010. For plug-in vehicles, the minimum amount of the credit for qualified plug-in electric drive vehicles is $2,500 and the credit tops out at $7,500, depending on the battery capacity.
And there’s more…
Check with your provider and cityfor company and municipal rebates and incentives.In addition to federal credits for energy efficiency investments, check with your electric provider and city to see if there are additional municipal and/or provider incentives. For example, TXU Energy recently announced a partnership to lease solar panels that will be installed for free. This will result in “a savings of between 15 and 20 percent” on electric bills. And Austin Energy’s Power Saver Program offers an energy analysis for homes older than 10 years. The company’s Home Performance with ENERGY STAR® Rebate covers up to 20% of the cost of certain improvements—up to $1575.
Also, stay tuned for information about the upcoming Memorial Day Weekend Sales Tax Holiday for Energy-Efficient Products.
April Energy Efficient Appliance Rebate Program is Almost Here!Texas received more than $23 million in federal stimulus funds for an Energy Efficient Appliance Rebate Program. The program encourages consumers to replace old (but functional) appliances with new, energy efficient models to stimulate the economy and increase conservation efforts.
What You Need to Know:
- Reservation period begins April 5, 2010 (by calling a toll-free number or registering online)
- Purchase period begins April 16th and ends April 25th
- List of eligible appliances includes refrigerators, freezers, washers, dishwashers, room air conditioners and more