Stimulus Package Extends Energy Efficiency Tax Incentives
Congress passed and the President recently signed into law an economic stimulus package, the American Recover and Reinvestment Tax Act of 2009. This legislation includes several provisions modifying and expanding the scope of the energy efficiency and renewable energy incentives. The people behind the Tax Incentives Assistance Project (TIAP) at http://www.energytaxincentives.org/ have listed a few of the coming changes:
- Energy efficiency incentives for upgrades to existing homes have been extended, and are now available for 2009 and 2010.
- The financial cap for these incentives, which cover home envelope improvements as well as heating, cooling and water heating equipment, was increased to $1,500 (from $500).
- Lower caps, such as the $200 cap on new windows, have been abolished. The existing home incentives are now calculated at 30% of the cost of the installation (labor and equipment), up to the $1,500 cap.
- Standards for equipment eligibility have changed.
- On-site renewables (solar photovoltaic and hot water systems, small wind systems, and geothermal heat pumps) are now eligible for a tax incentive worth 30% of the total cost, without a cap.
- There are new incentives for plug-in electric vehicles, and plug-in conversion kits.
As we find more specific information that can be of use to York residents, we’ll post it here.
