Green Tax Credits

Green is pervasive in the construction industry today. We have all kinds of choices in electrical fixtures that can save energy and costing you less to operate.

Installing alternative energy systems in your home or business can result in a tax credit, making being green all that much more attractive.

Some of the items that can help you qualify for this credit are: exterior doors and windows; skylights; insulation; central air conditioning and heating; geothermal heat pumps; storm windows; metal roofs; and hot water boilers.

Solar panels and other solar-related energy products that have an electricity-only efficiency level of more than 30 percent and generate at least half a kilowatt of energy also count among those items that can help a person be eligible for an energy efficient tax credit.

Taxpayers can receive one credit equal to 30 percent of the qualified investment in a solar panel up to a total credit of $2,000.

There are different dollar limits available as energy efficient tax credits depending on what kind of energy is utilized. The amount that can be obtained by those who install a hot water heating system is $2,000. Another credit that is available is $50 for any advanced main air circulating fan. A credit of $150 is available for those who buy a qualified natural gas, propane or oil furnace and hot water boiler.

In addition to being able to receive an energy efficient tax credit, those who choose to install energy efficient appliances and other items in their home can do quite a bit to increase the value of their home. When the real estate market is as difficult for sellers as it is now, having an energy-efficient home may be the one thing that could make your home more attractive to a potential buyer.

The U.S. Senate voted in October to underwrite renewable energy with rebates as a way to appease representatives in the House who had defeated the original plan the day prior. Here are the details on the plan:

  • Extends renewable energy production tax credit.
  • Expands for eight years solar energy and fuel cell investment tax credit.
  • Modifies residential energy-efficient property credit, to include small wind equipment and geothermal pumps.
  • Offers incentives for carbon capture and sequestration projects.
  • Gives tax credits for energy- efficient buildings.
  • Offers tax incentives for the purchase of plug-in hybrid vehicles.

 

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