With a week left to file, did you remember your energy tax credits?

I finished my takes last week, and all told we are receiving more than $38,000 in tax credits both federal and state from the installation of geothermal system and other ENERGY STAR products in our home in 2009. There were a lot of changes in the tax code this year so if you made home improvements, be sure to give your tax preparer your receipts so you can determine your deductions for 2009.

To find out about rebates in your state, check out the DSIRE website. The ENERGY STAR website also provides great information about Federal rebates.

Rhode Island Tax Credits

Residential Renewable Energy Tax Credit for Solar Water Heat, Solar Space Heat, Photovoltaic, Wind, Geothermal Heat Pumps

o    Amount: 25%  based on maximum system cost of $15,000 for PV, active solar space heating and wind and based on $7,000 maximum system cost for solar hot water and geothermal

Renewable Energy Sales Tax Exemption

o    Solar Water Heat, Solar Space Heat, Solar Thermal Electric, Photovoltaic, Wind, Geothermal Heat Pumps, Solar Pool Heating

o    100% Exemption

People’s Power & Light – Renewable Energy Certificate Incentive

o    Production incentive for photovoltaic and wind

o    $0.03 per kWh with a 3-year contract

Appliance and Equipment Efficiency Standards

o    Credit amount is based on the product. Proper manufacturer certification will be needed to claim this credit

Federal Tax Credits – visit the ENERGY STAR website for qualifying factors for each credit

Home Improvements

o    Windows & Doors – 10% of cost, up to $200 for all windows, skylights, and storm windows and  10% of cost, up to $500 for exterior and storm doors

o    Roofing –10% of cost, up to $500 for metal and asphalt roofs

o    Insulation — 10% of cost, up to $5000

o    HVAC 

  • $300 for Central AC
  • $300 for Air Source Heat Pumps
  • 30% of the cost up to $2000 for Geothermal Heat Pump
  • $150 for Gas, Oil, Propane Furnace or Hot Water Boiler

o    Water Heaters

  • $300 for gas, oil, propane water heater

o    Biomass Stoves —  $300

Solar Energy Systems

o    30% of the cost up to $2,000 for solar water heating

o    30% of the cost for photovoltaic systems ($2,000 cap no longer applies)

Small Wind Energy Systems

o    30% of the cost, up to $500 per half kW of capacity (not to exceed $4,000)

Fuel Cells

o    30% of the cost, up to $1,500 per half kW of power capacity

 This is the list of tax rebates we applied to our 2009 taxes:

 1. Windows/Doors: $200 for our Pella Windows and $500 for our doors = $700

2. Our composite shingle roof = $500

3. Our spray foam insulation = $500

4. Our Geothermal Heat and AC System = Based on our total cost of $116,754, we have a tax credit of $35,026 federal  and $1750 state credit.

Not too bad I say.

Kimberly Lancaster | follow me on Twitter: newscaster

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Home Energy Tax Credits – How You Can Benefit

Congress has now passed a total of 2 bailout bills in less than six months and in both pieces of legislation are a suite of tax incentives for homeowners and consumers interested in energy efficiency and using renewable energy sources in their homes and cars.  President Obama’s latest stimulus plan extended many of the tax credits and abolished caps on some of the incentives.

So what can consumers take advantage of in these new bills?

Energy Effiency

On next year’s tax return, you can claim a home tax credit for any improvements made to your home’s energy efficiency, specifically if you installed new insulation, energy-efficient windows or an energy-efficient furnace, boiler or air conditioner. Originally this tax credit was for $500 and expired in 2007 but has been renewed and now extends up to $1,500.  The bill also extended the amount of coverage per project by 10%, making it a woping 30% under new law.  So do $5,000 of work and receive a $1,500 tax credit AND reap all the energy savings. 

Home Energy Credit for Geothermal, Solar, Wind

The current bill also removed the $2,000 cap that had been placed on geothermal heat pumps, leaving in place the 30% tax rebate on qualified solar energy systems, geothermal heat pumps, small wind turbines, and fuel cell systems.

Geothermal heat systems (look for more info on how GLSL is incorporating this into the house project in an upcoming post!) use the constant temperature in the ground (between 50-60 degrees year-round)  to cool air or water in the summer, and heat it in the winter — both of which reduce the cost of heating or cooling year round.

In addition, the solar energy tax credit is now good through 2016.

Plug-In Hybrid Cars

The stimulus bill laid out specific plans for tax rebates for the first brave adopters of plug-in hybrid vehicles.  The first 200,000 buyers of each plug-in hybrid from each manufacturer will now qualifty for a $7,500 tax rebate.  (Hmm, maybe time to trade in my Civic?)  Prior to the bailout bill, the tax credit had been capped at $3,500.

Improving your home’s (and your life) energy efficiency can not only save you dollars in heating and electric bills but can also give you a nice little check from the government. 

via The Daily Green

Posted by: Ashley (not the intern) / ashleyatcaster on Twitter

Tax Credits and Money Back for Buying “Green” Goods in 2009

In addition to the health and environmental benefits of living in a green home, there are tax credits. rebates, incentives and other breaks for adding eco-friendly products to your life. The $500 tax credit that came out of the Emergency Economic Stabilization Act of 2008 included, extended and/or amended many consumer tax incentives originally introduced in the Energy Policy Act of 2005.  This is a biggie for consumers because many of us will be faced with replacing something in this category next year; so save that Home Depot receipt because this will end up as a dollar-for-dollar reduction on your 2009 taxes if you itemize.

  • The U.S. government is offering consumers who purchase and install specific products, such as energy-efficient windows, insulation, doors, roofs, and heating and cooling equipment in the home can receive a tax credit of up to $500 for improvements “placed in service” starting January 1, 2009 through December 31, 2009. The U.S. government’s ENERGY STAR® site connects consumers, home builders and others to federal tax credits for using energy-efficient products.
  • DSIRE, the Database of State Incentives for Renewables & Efficiency, connects homeowners to local, state, federal and utility incentives available for switching to renewable or efficient energy use. I found that Rhode Island offers a personal tax credit for photovoltaic systems (on-grid and off-grid), solar hot-water systems, active solar-heating systems, wind-energy systems and geothermal-energy systems. The tax credit is equal to 25% (or up to $15k) of the system cost for residential installations. Cha-ching!
  • The U.S. Environmental Protection Agency links to many of the sources of funding for green building that are available nationally and at the state and local levels for homeowners, industry, government organizations and nonprofits in the form of grants, tax credits, loans and other sources.
  • Contractors receive a credit for constructing energy-efficient new homes that achieve a 30% or 50% reduction in heating and cooling energy consumption relative to a comparable dwelling. More information and additional tax breaks from the Department of Energy can be found here. The credit equals $1,000 for homes meeting a 30% efficiency standard, and $2,000 for homes meeting a 50% standard and is available through Dec. 31, 2009. This means our builder is getting $2000 in tax credits!
  • Though a little clunky to use, and you have to have an idea of what you are looking for, patience or in my case an intern, homeowners and builders can find local incentives for building a LEED home at the USGBC’s public policy searchable database

Check back with us on this story, we haven’t bought everything yet so it is too early to project our total and actual tax credits, rebates and overall savings but I intend to update this with projections and actual as we move along.

KDL  | follow my quick project updates and green news on Twitter: newscaster