Green Energy Tax Credits for Homeowners
The new Energy Bill has made it more enticing for homeowners to add energy-efficient upgrades to their homes. This is huge news for not only homeowners who have already enhanced their homes but also for homeowners who are considering adding solar, back up battery or even going to a full electric home there are incentives for all of the above, especially if you are one of the lucky ones who owns one of the Colorado Springs homes where we have 300+ days of sunshine a year. Have you considered how much money going solar would save you? Find out by contacting us here
Colorado Springs Homeowners can take advantage of the Green Energy Bill - Start the process by contacting us here
The Green Energy Bill makes it pretty enticing for homeowners looking to improve their carbon footprint and save money. For a while there it was looking like the solar tax credit was going to slowly go away. This year it was supposed to go down to 26%, while with the new Energy Bill, solar customers will be able to get 30% credit for solar through 2031. Keep in mind you can only get the tax credit once, so it is wise to go with a solar array/battery that is a tad bigger than your usage so you can grow into the usage. For example, if you plan to add an electric vehicle in the future, you could size your system with that additional capacity in mind.
What is included in the new Energy Bill?
- Extension of the Clean Energy Tax Credit:
- 30% credit for solar through 2031 and batteries included beginning in 2023; stepping down to 26% for 2032-2033 and 24% for 2033-2034
- Extension of 25C Tax Credit:
- Pays up to 30% of the costs for certain improvements and expands credit up to $1,200/year
- Home Owner Managing Energy Savings (HOMES) Rebates:
- Rebate amount of $2,000 or $4,000, based on projected energy savings
- High-Efficiency Electrified Homes Rebates
- Max rebate per home is $14,000, specific amounts designated for improvements that will assist in the electrification of a home (e.g., induction stoves, water heaters, heat pumps, electric service upgrades, etc.)
What does this mean for homeowners in Colorado Springs?
How is this pertinent to you if you are a homeowner? Well, if you are one of the smart ones who has (or are considering) taking advantage of this opportunity, then you have a wide array of options to verify your home is what you say it is. For example, the Pearl Certification is a certification that proves high-performing homes are, in fact, high-performing homes.
Are you a Colorado Springs Homeowner who wants to take advantage of the Green Energy Bill? We can help! Start the process by contacting us here
Additionally, Colorado Springs homeowners can also take advantage of the many benefits coming to Colorado through the Inflation Reduction Act. This act aims to not only reduce inflation but also move our nation towards a clean energy future by building a clean energy economy and reducing harmful pollution.
What is the Inflation Reduction Act?
Additionally, the federal government has passed the Inflation Reduction Act, which includes lots of exciting items that will help our country move towards a carbon-neutral future. The Inflation Reduction Act's goal is not only to reduce inflation but also to allow the United States to get to a clean energy future by building a clean energy economy and reducing harmful pollution. This is a great step towards a thriving-earth in the future.
Other important items that came to fruition thanks to the Inflation Reduction Act:
Lowering Energy Costs
- Families that take advantage of clean energy and electric vehicle tax credits will save more than $1,000 per year.
- $14,000 in direct consumer rebates for families to buy heat pumps or other energy-efficient home appliances, saving families at least $350 per year.
- 7.5 million more families will be able to install solar on their roofs with a 30% tax credit, saving families $9,000 over the life of the system or at least $300 per year.
- Up to $7,500 in tax credits for new electric vehicles and $4,000 for used electric vehicles, helping families save $950 per year.
- Putting America on track to meet President Biden’s climate goals, which will save every family an average of $500 per year on their energy costs.
Building a Clean Energy Economy
- Power homes, businesses, and communities with much more clean energy by 2030, including:
- 950 million solar panels
- 120,000 wind turbines
- 2,300 grid-scale battery plants
- Advance cost-saving clean energy projects at rural electric cooperatives serving 42 million people.
- Strengthen climate resilience and protect nearly 2 million acres of national forests.
- Creating millions of good-paying jobs and making clean energy in America.
Reducing Harmful Pollution
- Reduce greenhouse gas emissions by about one gigaton in 2030, or a billion metric tons – 10 times more climate impact than any other single piece of legislation ever enacted.
- Deploy clean energy and reduce particle pollution from fossil fuels to avoid up to 3,900 premature deaths and up to 100,000 asthma attacks annually by 2030.
Posted by Nick Clement on
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