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House Plan Owners Can Cut Home Energy Bills

Washington, D.C., January 2009 – U.S. homeowners have a new opportunity to lower their energy costs and save up to $500 on their 2009 federal income taxes by making specified energy efficiency upgrades to their homes, advises the Tax Incentives Assistance Project (TIAP). (See www.energytaxincentives.org/consumers/ for details.)

“Thanks to a provision of the national financial rescue package enacted on October 3, 2008, consumers can once again get an income tax credit to help defray the cost of energy- and money-saving home improvements,” said Steve Nadel, executive director of the American Council for an Energy-Efficient Economy (ACEEE), a TIAP founder. Improvements must be installed in 2009; improvements installed in 2008 are not eligible.

“We urge consumers to take advantage of the federal tax credits to make their homes more comfortable and affordable, as well as more environmentally ‘friendly,’
through reducing energy waste,” said Kateri Callahan, president of the Alliance to Save Energy, another TIAP founding organization.

The legislation extends homeowner tax credits that were first enacted in 2005 but expired at the end of 2007. Taxpayers who did not use the full $500 credit in 2006 or 2007 can use the remaining portion in 2009.

In addition, there is a new tax credit – effective 2009 through 2016 – for 30 percent of the cost of an ENERGY STAR qualified geothermal heat pump, up to $2,000. (www.energytaxincentives.org/business/renewables.php#geothermalhp.) And, under the 2005 legislation, consumer tax credits are still available for some hybrid-electric vehicle models from Ford and General Motors.

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