Remodeling? Energy Saving Incentives and Tax Credits
posted in Going Green, General, Money Matters |So, you are thinking about new appliances for your home. Before you go out and buy, you might want to consider checking into the various rebates and incentives that are available. Chosing energy efficient models might prove a better way to go. Depending upon the appliance you buy (or the way you choose to power them), you may be able to stuff a few dollar bills back in your pocket.
The Energy Trust of Oregon offers a variety of programs to help save you money, as does the Oregon Department of Energy and the Federal Department of Energy. In fact, there is so much information that it can be a bit overwhelming. I will try and touch on the programs that I have found in my research; however, if you know of any more, please let me know and I will check them out. Also, keep in mind that these lists may change from time to time and that you should check with a qualified tax person to see what credits may apply to you.
Energy Trust of Oregon (ETO) Energy Trust of Oregon, Inc., began operation in March 2002, charged by the Oregon Public Utility Commission (OPUC) with investing in cost-effective energy conservation, helping to pay the above-market costs of renewable energy resources, and encouraging energy market transformation in Oregon. Here is a list of various programs they offer:
- Cash incentives for a multitude of home remodeling projects. Here is a list of qualifying items:
- Solar power: cash incentives for installation of solar electric systems or for installation of solar water heating systems. Here is a flyer summarizing ETO’s solar programs.
- Free home energy review (free flourescent bulbs with review).
- Energy Star home improvement program, including low-interest financing options.
- Free online home energy analyzer.
Oregon Department of Energy Programs: You can get a credit on your Oregon income taxes for making your home more energy-efficient and helping preserve Oregon’s environment. Following is a list of the energy efficient products/technologies for your home that are eligible for a tax credit:
- Appliances: Premium-efficiency dishwashers, clothes washers, and refrigerators are eligible for a tax credit ranging from $60 to $180. Qualifying appliance listings: dishwashers, clothes washers, and refrigerators.
- Heating and air conditioning systems.
- Solar powered systems.
- Water heaters.
U.S. Department of Energy Programs:
- Consumers who purchase and install specific products, such as energy-efficient windows, insulation, doors, roofs, and heating and cooling equipment in the home can receive a tax credit of up to $500 beginning in January 2006.
- The EPACT also provides a credit equal to 30% of qualifying expenditures for purchase for qualified photovoltaic property and for solar water heating property used exclusively for purposes other than heating swimming pools and hot tubs. The credit shall not exceed $2000.
- Improvements must be installed in or on the taxpayer’s principal residence in the United States. Home improvement tax credits apply for improvements made between January 1, 2006 and December 31, 2007.
Portland General Electric Rebates: Portland General Electric offers a $200 rebate to help customers with electric heat invest in energy-efficient heat pumps.
See what I mean? There is quite a bit of information to absorb; however, now that you are armed with a bit more information, saving money on your home remodel might be just a little bit easier.
