American Recovery and Reinvestment Act
One Feb 17, 2009 President Obama signed the American Recovery and Reinvestment Act to jumpstart the economy and implement new energy tax credits. Thousands of people have taken advantage of the act to upgrade to energy efficient products and earn tax credits. Among the most important parts of the energy efficiency plan are the 30% materials rebate. The plan increased the rebate from $500 to $1500.
There are a few limitations to the types of energy efficient products you can apply this credit to. Installation is not covered in many materials costs rebates.
Installation costs are covered for:
HVAC (Heating, ventilation, and air conditioning)
Water Heaters (solar included)
Geothermal Heat Pumps
Wind Turbine Systems
Installation costs not covered for:
There are however, many energy efficiency measures including the majority of weatherization projects that are covered in different state programs.
The best way to further educate yourself is through the Energy Star website. Simply plug in your zipcode and it should be able to point you to what types of renewable energy tax incentives and rebates are available to you.
Another good place to look is at your utility. There is plenty of information made local to your area. If you live in a state that is spearheading the renewable energy movement like California, Texas, Connecticut, or New Jersey there may be even more incentives that will help you heavily subsidize your initial costs. The time to move to renewable sources of energy is now. Prices are incredibly affordable and the planet is in dire need of clean energy.