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LET'S BE GREEN

Environmental BenefitsExpires

VALSPAR MEDALLION PAINT REBATE

  • Environmental Benefits
  • Most energy in our homes comes from the burning of fossil fuels (coal, natural gas) that produce pollution. A more efficient home produces less pollution.
  • The average home is responsible for twice the air pollution than the average car. If one household in 10 used ENERGY STAR heating and cooling equipment, the change would prevent 17 billion pounds of air pollution and save about $1 billion in electricity costs.
  • An average of 23,000 pounds of carbon dioxide are emitted annually in each American home.
  • For every kilowatt hour of electricity saved in your home, you prevent about 2 ½ pounds of carbon dioxide (the gas thought to be primarily responsible for global warming) from being emitted. You also prevent sulfur dioxide and nitrous oxides (a gas that creates smog) from being released. (One 60-watt light bulb used five hours per day for 30 days uses nine kilowatt hours of electricity.)
Tax Credits for Consumers:

Home Improvements

Tax credits are now available for home improvements:
  • must be "placed in service" from January 1, 2009 through December 31, 2010
  • must be for taxpayer's principal residence, EXCEPT for geothermal heat pumps, solar water heaters, solar panels, and small wind energy systems (where second homes qualify)
  • $1,500 is the maximum total amount that can be claimed for all products placed in service in 2009 & 2010 for most home improvements, EXCEPT for geothermal heat pumps, solar water heaters, solar panels, fuel cells, and small wind energy systems which are not subject to this cap, and are in effect through 2016
  • must have a Manufacturer Certification Statement to qualify
  • for record keeping, save your receipts and the Manufacturer Certification Statement
  • improvements made in 2009 will be claimed on your 2009 taxes (filed by April 15, 2010) — use IRS Tax Form 5695 (2009 version) — it will be available late 2009 or early 2010
  • If you are building a new home, you can qualify for the tax credit for geothermal heat pumps, photovoltaics, solar water heaters, small wind energy systems and fuel cells, but not the tax credits for windows, doors, insulation, roofs, HVAC, or non-solar water heaters. More.

SUMMARY OF TAX CREDITS FOR HOMEOWNERS

1Subject to a $1,500 maximum per homeowner for all improvements combined.


Efficient Cars


Starting January 1, 2009, there is a new tax credit for Plug-in hybrid electric vehicles, starting at $2,500 and capped at $7,500 for cars and trucks (the credit is based on the capacity of the battery system). The first 250,000 vehicles sold get the full tax credit (then it phases out like the hybrid vehicle tax credits).


Tax credits are available to buyers of hybrid gasoline-electric, diesel, battery-electric, alternative fuel, and fuel cell vehicles. The tax credit amount is based on a formula determined by vehicle weight, technology, and fuel economy compared to base year models. These credits are available for vehicles placed in service starting January 1, 2006. For hybrid and diesel vehicles made by each manufacturer, the credit will be phased out over 15 months starting after that manufacturer has sold 60,000 eligible vehicles. For vehicles made by manufacturers that have not reached the end of the phase-out, the credits will end for vehicles placed in service after December 31, 2010. See the IRS Website for updated information

IRS Guidance:

  • IRS Notice 2009-53 (6/22/2009) Interim guidance for Section 25C
  • IRS Notice 2009-41 (5/11/2009) Interim guidance for Section 25D

For More Information:

  • Tax Incentives Assistance Project (TIAP)
  • Brochure: Residential Energy Efficiency Incentives (TIAP — May 2009, 2 pages)

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