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 Federal Tax Credits for Energy Efficiency Buy products that make a difference to the earth and to your wallet |
Bipartisan Senate Energy Tax Package To Save Consumers Money, Boost Economy, Create Jobs As of December 31, 2007, most of the residential tax credits (windows, doors, roofs, insulation, HVAC, and non-solar water heaters) expired. You have until April 15, 2008 to report these credits on your 2007 taxes. The tax credit for solar water heaters and solar panels remains in effect through December 31, 2008. Senators Maria Cantwell (D-Wash.) and John Ensign (R-Nev.) announced earlier this month new legislation that would extend tax credits for renewable energy and energy efficiency measures that have already expired or will expire at the end of this year. In addition to extending tax credits for wind, solar and biomass projects through 2009, the bill includes tax incentives for constructing energy-efficient buildings, investing in solar electric systems, installing efficient home heating and cooling equipment, manufacturing efficient home appliances, and retrofitting existing homes to save energy. The House passed $18.1 billion in renewable energy tax incentives (H.R. 5351), including an extension of the tax credit for energy-efficient home improvements. The bill is similar to the one passed last year, which was ultimately removed from the 2007 Energy Bill, signed into law in December 2007. This bill must still pass in the Senate, and be signed by the President to become law. Below is a statement by Marchant Wentworth, Washington Representative of the Clean Energy Program at the Union of Concerned Scientists: "This bipartisan bill has a great shot to become law. Study after study has shown that extending these credits is the quickest way to reduce the threat of global warming while creating jobs, saving consumers money and increasing our energy security. "This legislation will put us on a path toward a clean energy economy. That's why a coalition of more than 100 business, trade and advocacy groups support extending these incentives. The package will strengthen the burgeoning renewable energy industry, reduce residential and commercial energy costs, generate new domestic jobs and boost a flagging economy." |
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