January 18th, 2009
Green Tax Credits Available in 2009
Stumble it!
Written by Dawn Killough, courtesy of Green Building Elements.com
(NOTE: We’ve just published an update (as of March 2 2009) on some of the tax credits included in the final stimulus bill here.)
As was previously reported on Green Building Elements, Congress was contemplating how to include the continuation of energy efficiency tax credits in the “economic bailout.” Well, they did it, and even managed to increase some of the incentives.
Here is a brief run-down of the credits available in 2009:
* Purchase of hybrid car or SUV: $250 to $3,150, depending on vehicle weight and fuel economy.
* Purchase of central air conditioner or heat pump: $300, only some Energy Star products qualify.
* Furnace or boiler: $150, only some Energy Star products qualify.
* Windows: up to $200, all Energy Star windows qualify.
* Insulation and sealing: up to $500, must meet model building code as installed.
* Ground source heat pump: up to $2,000, only Energy Star models qualify.
* There is a limit of $500 in tax credits for home improvements.
Homeowners should also check the DSIRE website for applicable state tax credits.
Businesses can also get in on the act. They are eligible for the hybrid vehicle incentives and incentives for energy efficient buildings. Businesses that sell new energy efficient homes (through 2009) or efficient appliances (through 2010) can take tax credits on these products that may reduce the cost to consumers.
For more on tax credits for businesses, builders, and consumers, see Tax Incentives Assistance Project, or The Alliance to Save Energy. Of course, you should check with your tax preparer for more information on how these credits effect you, and what paperwork needs to be completed.
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