Houses Go Green with Rebates and Tax Credits
Saving the Earth goes hand in hand with saving money. Utility companies issue rebates for homeowners who install solar or wind turbine systems in their homes. Plus, if they have excess power produced from their solar power system, they can sell it back to the electric utility companies.
Going green should be the priority of every American home. There are lots of incentives awarded by the federal government, as well as by local municipalities or utilities. Under the Federal Stimulus Plan of the Obama administration, people who use solar products can avail themselves of federal tax credits. Under the American Recovery and Reinvestment Act, consumers can get up to $1,500 in credits for solar home products used in 2009 and 2010.
Consumers can choose from a wide variety of Energy Star products, such as dryers, washers, refrigerators, battery chargers, and computers. The Department of Energy and the Environment Protection Agency has estimated that around $19 billion worth of energy has been saved by consumers using energy-saving products and appliances.
If you’re thinking of installing solar panels, solar water heaters, geothermal heat pumps, wind energy systems and the like, these are not subjected to the $1,500 cap. Tax credits for these products are available until 2016. An example for this is the rebate probate of the State of Florida. If you’re a Florida resident, there are rebates for every purchase of photovoltaic panels, solar heaters, or solar pool heaters.
The State of Florida rebate program is already on its 3rd year. A total of $6 million in rebates has already been remitted. For this year, the rebate funds have already been exhausted with 2,400 applicants for future rebates.
State utility Florida Power & Lights is offering rebates of $125 up to $2,100 for homeowners who replace their less efficient air conditioning units with more efficient ones. They are also giving out $300 rebates to those who install ceiling insulation.
Some might say that the steep price for photovoltaic arrays turn most homeowners away from installing solar power. But if you can make the initial investment, it will pay off in the long run. There are upfront costs that need to be paid to the dealers and installers, but the rebates and the long term energy savings will pay for it in the future. Once your renewable and energy efficient system is installed, your house will be consuming less power and you will be saving on electricity. With state and federal tax credits, homeowners across the country recover the money they have spent on energy-saving improvements, faster than ever.
Tags: Go Green, Rebates, tax credits
Originally posted at Solar Power Updates & News
May 1st, 2009 at 2:03 pm
I agree – it really is a good year to go green, improve your home and save some money doing it.
You mentioned solar water heaters in your list of available tax credits & incentives. I just wanted to point out that in addition to the solar models, the federal government is granting sizable tax credits (up to $1500) for tankless water heaters installed in 2009.
Here are some details of that particular tax credit:
“A Tax Credit of up to $1,500 is now available for 2009 as part of The American Recovery and Reinvestment Act of 2009. Homeowners can now receive a credit for 30% of the full purchase and installation price for installing Energy Efficient appliances such as tankless hot water heaters. To take advantage of this offer, you must install your energy efficient appliances between January 1, 2009 and December 31, 2010. Please save your receipts for tax record purposes.”