According to the Department of Energy, "The recently passed Emergency Economic Stabilization Act of 2008 included, extended and/or amended many consumer tax incentives." Tax incentives include home energy efficiency improvements and residential renewable energy improvements. Go green homes.
Background
When Congress approved the $840 billion bail-out for Wall Street, lawmakers included the Emergency Economic Stabilization Act of 2008. Originally part of a bill in 2007, the Act extends tax credits for clean renewable energy improvements. Emphasizing wind, solar and marine energy, the bill extends tax credits for homeowners who want to make green energy improvements. The construction industry also receives a boost as jobs open up. According to an October 8, 2008, Environmental News Service story, the bill is hailed by Rhone Roesch, president of Solar Energy Industries Association (SEIA), as a "major step . . toward energy independence [ensuring] solar energy will be a significant part of America's energy future."
Images
Qualification
According to the U.S. Department of Energy (DOE), residential tax credits apply to home energy efficiency and renewable improvements. Energy efficiency improvements include heating and cooling upgrades, roof repairs to improve energy consumption, insulation replacement, and the addition of energy-efficient doors or windows. Residential renewable energy tax credits apply to solar electric systems that come into service between January 1, 2006 and December 31, 2016. The previous $2,000 maximum has been removed. Additions of small wind systems and geothermal heat pumps also qualify for significant tax credits.
Images
Significance
Now is the time to invest in home energy efficiency and in renewable energy improvements. The extension of tax credits for energy upgrades is accompanied by an emphasis on solar energy. Wind energy is not left out of the discussion. The extension goes into effect on January 1, 2009. Homeowners receive tax credits for purchases made during 2009. Credits apply to solar panels, wind turbines, and more prosaic insulation and thermal windows. The tax credit extension is a window of opportunity to be part of the urgent move toward renewable energy sources and to "get off the grid." Pioneer the future and save thousands of dollars while you do it.
According to a November 2008 Mother Earth News article, energy efficiency tax breaks account for as much as ten percent of many home improvements and thirty percent of "the cost of new renewable energy systems." (See Resources, Mother Earth News) Installation of a wind turbine can mean a $4000 tax break.
Images
Considerations
Dates of service and renewable energy tax credits are only extended through 2009. According to Michelle Bennett, on CleanTechnica renewable energy support in the form of tax credits is a luctuating phenomenon. Market stability is essential to getting a good grip on any move toward significant use of renewable energy. Oil and natural gas industries present powerful competition. (See Resources, Clean Technica) Homeowners should act quickly. Every step toward any use of renewable energy is a positive one. Make a difference--one home at a time.
Resources
Image Credits
DOE Public domain
Solar Cells Creative Commons Attribution ShareAlike 3.0
South Point Wind Farm Creative Commons Attribution ShareAlike 3.0