Aug. 3, 2010 -
PRLog -- You could be walking away from $1,500 from the federal government if you don't make energy efficiency improvements to your home by the end of this year. The available money, part of the ARRA stimulus package, is payable as a credit against your 2010 tax bill. Known as the Residential Energy Tax Credit, the program pays for improvements to the “building envelope” of your home as well as heating, cooling and water heating equipment. However, in order to get the credit, the equipment has to be “put into service” by December 31st, 2010. As of 2011, the program will expire and likely will not be renewed, says Carl Donovan of Conservation Pros, an Asheville, NC based building performance contracting firm.
“There's a bill pending in Congress right now, know as Home Star.”, says Mr. Donovan, “If it passes, it will certainly replace any sort of tax credits or other federal incentives.”
The pending bill is dubbed “Cash for Caulkers” due to its resemblance to the very popular Cash for Clunkers program of earlier this year. One of the most important similarities is that Home Star will be an immediate, “point of sale” rebate for residential efficiency improvements, rather than a tax credit, which could take months to claim.
There are differences between the two programs, however, that bear consideration. “Perhaps most importantly”
, says Mr. Donovan, “Home Star won't offer any rebates for do-it-yourself improvements, while the existing tax credits do.” He goes on to suggest that it's possible for homeowner's to take advantage of strengths and weaknesses in both programs, maximize efficiency gains and get substantial rebates and credits in the process. “However,”
cautions Mr. Donovan, “let's not forget that Home Star is still just a bill before Congress and that the tax credits are very real. And that they're expiring very soon.”
For instance, Mr. Donovan points to an example of a homeowner who recently contracted with his company to do work in his moist and moldy crawlspace. “Not only did he get a better insulated, more energy efficient home and a completely dry, mold-free crawlspace, he will qualify for the entire $1,500 credit on his taxes this year.”
One way or the other, there's never been a better time to take advantage of incentives to improve the energy efficiency, comfort, safety and durability of our existing homes.
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About ConservationPros.com:
Based in Asheville, NC,
http://www.conservationpros.com have a collected forty years experience in sustainable remodeling and retrofitting. They have, for the last three years, worked exclusively in the trade of Building Performance Contracting.
