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Energy Rebates, Tax Credits, and Incentives
Quality First Home Improvement Newsletter
Sept 2009 - Issue 101
$$$ For Going Green
There is a paradigm shift taking place around the world. People are thinking green. The increase in awareness has spilled over into new green programs designed to influence us to purchase environmental friendly products.
There has been no better time than now to make your home or business energy efficient. There are many programs available across the country offering credits and rebates. Programs from your local utility company, and US Government, offer funds, loans, and incentives. A wide array of Energy Star products may qualify including: Solar, roofs, windows, doors, insulation, heating & air, furnaces, clothes washers, clothes dryers, cars and many more energy efficient products. No matter where you live in the USA, there is a program available for you.
Keep in mind that not all Energy Star products qualify for credits. Only the Energy Star products of the highest efficiency ratings fall into this category. So, if you are planning to buy an Energy Star product to get a credit or rebate, make sure you check to see if it qualifies before you buy.
Here is a link to DSIRE. This is the nationwide, "searchable" database of all available incentives, rebates and federal tax credits. Includes state, local utility, federal incentives, and policies that promote renewable energy and energy efficiency. Look up your area, and you will see all the programs available to you, and who to contact for additional information.
Solar energy is getting a lot of much needed attention these days and solar energy incentives are better than ever. Local utility companies, depending on where you live, are offering over $3.00 per watt rebates toward a new solar system on homes, (minimum 1000 watts).
Additionally, a Federal tax liability credit for 30% of the total cost of solar photovoltaic panels can be applied for the year the system was installed, and carried forward for an additional year if the credit did not completely offset your tax liability the previous year.
Solar water heaters qualify for the 30% tax liability credit as well. Other Energy Star products such as metal and asphalt roofs, heating & air, doors, furnaces, Biomass Stoves, and many more qualify for the 30% tax credit, but in these cases the limit of the credit is set at $1500. To find out more about Federal tax credits, and what products qualify for the credits, go to the Energy Star database.
To claim the tax credit for energy efficient products " placed in service" in 2009, you will need to file the 2009 IRS Form 5695 and submit it with your 2009 taxes (by April 15, 2010). Currently, only the 2008 version of IRS Form 5695 is available. On the 2008 1040 form , the residential energy tax credit (from Form 5695) was claimed on line 53.
Also save your receipts and the Manufacturer's Certification Statement for your records. A Manufacturer’s Certification Statement is a signed statement from the manufacturer certifying that the product or component qualifies for the tax credit. Additionally, the IRS encourages manufacturers to provide these Certifications on their web site to facilitate identification of qualified products.
When you purchase a solar system from Quality First Home Improvement Inc, you have the option for us to give you your local utility rebate instantly! We will then complete and file the paperwork for the rebate, saving you the time and hassle
Quality First Home Improvement Inc. is a Diamond Certified Contractor. Our headquarters are located in the Sacramento area (Citrus Heights), California. We have branch offices in Redding, Vallejo, San Jose, Fresno, and Susanville, CA.
Products: Solar, roofing, gutters, CoolWall coating, windows, siding, doors, decks, patio covers, HVAC, stucco, stone, fencing, painting and more...
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Author - Roland G. Ludlow