Wow. I've been working my way through the 1500 pages of the Obama Stimulus Plan, lovingly titled American Recovery and Reinvestment Act of 2009, scanning for the changes in the Renewable Energy tax credits and incentives.
Not easy to find, but did discover some specifics that I thought I would share.
- Solar How Water:
previous incentive allowed for a Federal tax incentive of 30% of the cost of the system, capped at $2000 maximum.
New: The $2000 cap has now been removed, so you get the full 30% tax credit for Solar Hot Water, a several thousand dollar change
- Energy Efficient Improvements:
previous incentive allowed a $500 Federal tax incentive for the installation of energy efficient windows, insulation, appliances. Eh.
New: The incentive has been increased to a $1500 Federal tax credit for Energy Efficient improvements. See this chart for the specific equipment requirements (but note that the $$ amounts are out of date, it is now a flat 30% total credit capped at $1500)
These new incentives continue to push the "affordability curve" in the homeowner's favor. Below is the complete list of Renewable Energy incentives that I know of:
- Solar PV/Hot Water = Federal 30% Tax Credit for cost of system. Uncapped.
- Solar PV/Hot Water = NYC Property Tax Abatement - 35% of Post Rebate Cost over 4 Years
- Solar PV = NYS offers 25% Credit of the Customer Final Payment up to $5,000
- Solar PV = NYSERDA Utility Rebate for Solar Electric System (Currently $3.00 per watt)
- Energy Efficiency Improvements = up to $1500 federal tax credit for the installation of energy efficient furnaces, heat pumps, appliances, windows and insulation.
There are also a wide variety of low interest loans available for homeowners as well. These are *not* home equity loans, but federally guaranteed unsecured loans for energy efficiency projects.
I typically rely on
DSIRE to keep track of the various incentives, but they haven't updated their site yet to reflect the new stimulus legislation (Pres. Obama is slated to sign it on Tuesday).
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