New Federal Stimulus Package means Huge Savings for Homeowners
Breaking News — Recently signed into law by President Barack Obama, the Economic Recovery Act, a $787 billion Federal Stimulus package offers consumers a unique opportunity to replace old inefficient Heating, Cooling or Plumbing systems and in the process reduce energy output, help the environment, improve home comfort and receive a 30% tax credit starting February 17, 2009.
The new law will allow homeowners to claim 30% of the costs (up to a $1,500 limit) for the installation of higher efficiency furnaces and boilers, air source heat pumps, central air conditioners, and hot water heaters in tax years 2009 and 2010. The previous tax credits were limited to $300 for central air conditioners and heat pumps and $150 for furnaces and boilers.
Homeowners can also receive a 30% tax credit for the purchase of qualified geo thermal heat pumps and solar water heaters, with “no limit” to the amount of credit. The Federal Tax cap has now been lifted as of January 1, 2009 on all qualifying systems for a full 30% tax credit from the Federal government. Georgia is offering an additional $2000 tax credit on qualifying geo thermal systems. For example, on a $20,000 geothermal system the homeowner will receive $6,000 ($20,000 x .30) + $2,000 for a total of $8,000 in Federal and State tax credits. In most cases this will pay for the installation of the loop on a geo thermal heat pump. For more information regarding Georgia’s Clean Energy Property Tax Credits, visit www.gefa.org.
"Surveys show that homeowners want to install higher efficiency appliances but the higher investment costs have always been a barrier," said Paul T. Stalknecht, ACCA (Air Conditioning Contractors of America) President & CEO. "These tax credits help shorten the payback period and allow homeowners to benefit from lower utility costs and increased comfort, all while consuming fewer fossil fuels."![]("/asset/uploads/Annual Savings.jpg")
Higher efficiency heating and cooling systems have the potential to significantly reduce your energy consumption, which in turn will decrease your annual utility bills. With a 19.5 SEER system you save as much as 59% of your annual utility bill, which will also help to offset the original cost of installing a new system.
Along with the cost savings you will also increase the comfort of your home. The newer technology will provide greater temperature control, faster receiving rates, eliminate hot or cold spots and has the potential to improve air quality, manage humidity and even offer remote management.
For more information go to: energystar.gov or geoexchange.org.
Breaking News — Recently signed into law by President Barack Obama, the Economic Recovery Act, a $787 billion Federal Stimulus package offers consumers a unique opportunity to replace old inefficient Heating, Cooling or Plumbing systems and in the process reduce energy output, help the environment, improve home comfort and receive a 30% tax credit starting February 17, 2009.
The new law will allow homeowners to claim 30% of the costs (up to a $1,500 limit) for the installation of higher efficiency furnaces and boilers, air source heat pumps, central air conditioners, and hot water heaters in tax years 2009 and 2010. The previous tax credits were limited to $300 for central air conditioners and heat pumps and $150 for furnaces and boilers.
Homeowners can also receive a 30% tax credit for the purchase of qualified geo thermal heat pumps and solar water heaters, with “no limit” to the amount of credit. The Federal Tax cap has now been lifted as of January 1, 2009 on all qualifying systems for a full 30% tax credit from the Federal government. Georgia is offering an additional $2000 tax credit on qualifying geo thermal systems. For example, on a $20,000 geothermal system the homeowner will receive $6,000 ($20,000 x .30) + $2,000 for a total of $8,000 in Federal and State tax credits. In most cases this will pay for the installation of the loop on a geo thermal heat pump. For more information regarding Georgia’s Clean Energy Property Tax Credits, visit www.gefa.org.
"Surveys show that homeowners want to install higher efficiency appliances but the higher investment costs have always been a barrier," said Paul T. Stalknecht, ACCA (Air Conditioning Contractors of America) President & CEO. "These tax credits help shorten the payback period and allow homeowners to benefit from lower utility costs and increased comfort, all while consuming fewer fossil fuels."
Higher efficiency heating and cooling systems have the potential to significantly reduce your energy consumption, which in turn will decrease your annual utility bills. With a 19.5 SEER system you save as much as 59% of your annual utility bill, which will also help to offset the original cost of installing a new system.
Along with the cost savings you will also increase the comfort of your home. The newer technology will provide greater temperature control, faster receiving rates, eliminate hot or cold spots and has the potential to improve air quality, manage humidity and even offer remote management.
For more information go to: energystar.gov or geoexchange.org.
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