The economy is getting a real ‘shot in the arm’ with some of the government stimulus programs that actually seem to be working.
In addition to the Federal Stimulus Energy Tax credit of a maximum $1500 per year, Florida Residents are enjoying many state rebate programs as well as rebates form various utility companies such as FPL & Teco gas.
As an example, say a new home central air conditioning system might cost someone around $6300. With the combination of the rebate from Florida Power & Light, the manufacturer (RUUD), and the Federal Energy Tax Credit of $1500 – that air conditioner might end up only costing about $3500! In addition, a more efficient air conditioner that replaces a 10, 15 or 20 year old one might save on the monthly air conditioning bill by approx $100 to $200 per month!
The Federal Energy Tax Credit enacted by the 2009 Stimulus Legislation allows homeowners to get a tax credit of up to 30% of the cost of new energy efficient window, doors, water heaters, air conditioners. Once you reach $1500 in one year, you cannot get an additional energy tax credit for that same calendar year.
There is also a separate additional tax credit to get up to 30% of the cost of solar energy systems, such as solar water heating and solar power, small wind systems, and geothermal heat pumps if they are installed by Dec 31, 2016. This tax credit is separate from the credit for windows & doors, so homeowners can use both.
There is also no cap on this second tax credit for solar energy. So even though solar panel systems are expensive and can cost even $50,000 to install. After about $20,000 in Florida State energy rebates and the tax credit for solar power, that $50,000 installation might really end up costing about $24,000 – as an example!
Tankless water heating systems for a home that can cost around $2000, might end up being around $800 after a rebate form the TECO gas company and the federal energy tax credit – as another example!
It is important to be careful of manufacturer and vendor claims of energy efficiency to make sure that the product will actually qualify the purchase and cost for the tax credits and rebates.
If there are any questions about the energy tax credits or Florida State incentive programs, please call our office at (305) 672-4272 or e-mail: email@example.com.
The full story may be found in the Miami Herald: