Blair's adventures in energy efficiency contine. Read Part 1 here, Part 2 here and Part 3 here.
As I've been walking down the path towards alternative energy, I realized I had really overlooked (up until this point) the rebates and tax incentives available to me. This is sort of ironic given my cheap Yankee nature, and my budget consciousness - but I've always been of an independent nature and willing to go it alone. Now that the tax incentives have also been extended by the Government, it's all the more important that I assess how much help I can get with my renewable energy installations.
You're probably thinking, like I did, that you wouldn't know where to start or how to find the rebates and incentives even if they are out there. Well, we have some good news. There is a website that lists all the State incentives for Renewables and Efficiency. You can search for one or the other, or both on a state by state basis at DSIRE, The Database of State Incentives for Renewables & Efficiency.
I will warn you though - you will have to read. Although the site is user friendly and extremely well organized, the information is still written in government-ese and can try one's patience. That's really the only bad news though, as once you choose your state, you get links to Federal Incentives as well as state incentives and even local programs. All of these incentives are also organized by residential vs. commercial so if you're a business owner or a random guy who wants to integrate solar and get some help, you'll be able to find what you need.
Now, I live in Massachusetts and we are a state that loves renewable energy. That being said, as a homeowner who is making her home more efficient and considering the installation of a renewable energy product, I needed to figure out my incentive eligibility. In the past three months, after all, I've purchased four energy star windows and roughly $500.00 worth of insulation. I've also installed my programmable thermostat and am on the verge of going solar thermal!
So here's some of what I found:
- Residential Renewable Energy Income Tax Credit
The first thing I find is that if I install my solar air heater, I'll be eligible for a 15% credit, up to $1000.00 against the state income tax for the cost of a renewable energy system (including installation costs) installed on my house.
Through National Grid, which happens to be my electric company, there are a ton of incentives and rebates where I may be able to get money back, including for insulation, Energy Star Windows and my new Programmable Thermostat.
- I found out I can get a Home Energy Analysis which might even pave the way for a 0% interest for 7 years loan to purchase a more efficient boiler and hot water heating system!
- I also discovered there may be incentives for me on the federal level as well - but of course those incentives just got passed so I'll have to dig a little deeper to find out exactly what those are. There are, for example tax credits listed for both energy efficiency and renewable energy - though they list an expiration date that may well be incorrect as of the passage of the extension.
Incentives will vary state by state, of course, and what you need to do is dig into your eligibility. Don't be afraid to call your local agency, or even the state government to get pointed to the right location. For example, I hopped onto Mass.gov and did a search for "renewable energy" and was directed to a fantastic page all about Massachusetts and Renewable Energy. Make sure you keep all receipts and all information about every system or home efficiency improvement in which you invest.
Don't be afraid, either, of finding a good accountant, especially on the tax side, to make sure you make the most of the incentives and credits available to you. Also, prepare to be inspired. As you see the various enticements for installing solar panels and wind turbines on your property, you'll certainly be excited to take your renewable energy installation further, faster.
Although you need to have the cash up front to invest in these systems, you deserve to get that money back in your pocket - or into the next system you decide to implement!
