Tim Hoffmann & Laurie Nadeau Team Park City - Windermere - Utah

This article brought to you by Laurie Nadeau of Green Built Communities and the Park City Board of Realtors

Home Energy Tax Credits and Incentives to Save You $1000's In 2009

Home energy tax credits are available for solar energy, energy efficiency, biodiesel and hybrid cars, home solar panels and more. Rocky Mountain Power and Questar Gas are also providing many incentives for their customers.

Where is all this coming from? Well, when Congress passed the financial bailout bill late last year, it included a suite of new and renewed tax credits for individuals who want to make energy efficiency and renewable energy improvements to their home or cars. When President Obama signed the economic stimulus bill in February, the federal government expanded and extended some of those credits.

So what's in it for you as a homeowner?

$1,500 + $2000 Home Tax Credits for Energy Efficiency

You can claim a home tax credit for energy efficiency improvements made in 2009 thru 2010 if you install new insulation, energy-efficient windows/doors or an energy-efficient furnace, boiler or air conditioner and some roofing materials.

The Federal tax credit covers up to 30% (expanded from 10% by the economic stimulus bill) of the cost of a range of projects that meet certain specifications. What this means is, if you do $5,000 worth of qualifying work, and you will a $1,500 rebate on your Federal taxes as well as saving on energy bills for years to come.

There are no longer caps on certain home improvements thanks to the economic stimulus bill. One important thing to keep in mind is that the tax credit does not cover labor, only equipment.

Utah offers a state income tax credit for renewable energy systems. The investment tax credit for residential systems is 25% of the equipment and installation cost up to a maximum of $2,000. More info at http://geology.utah.gov/sep/incentives/rincentives.htm#retaxcred

$2,000+ for Geothermal, Solar (hot water and/or power), Wind Turbines and/or Fuel Cells

For qualified solar energy systems, geothermal heat pumps, small wind turbines, and fuel cell systems, the stimulus is leaving in place the 30% tax credit. You can get a tax credit of up to $2000 per system, and you can install all four for $8000 in tax credits. See specific details below. The solar energy tax credit is good through 2016. Incentives can be found at www.dsireusa.org.

Maximum incentives: Solar-electric systems placed in service before 2009: $2,000
Solar-electric systems placed in service after 2008: no maximum
Solar water heaters placed in service before 2009: $2,000
Solar water heaters placed in service after 2008: no maximum
Wind turbines placed in service in 2008: $4,000
Wind turbines placed in service after 2008: no maximum
Geothermal heat pumps placed in service in 2008: $2,000
Geothermal heat pumps placed in service after 2008: no maximum
Fuel cells: $500 per 0.5 kW

$7,500 Energy Tax Credits for Plug-in Hybrid Cars

The first 200,000 buyers of plug-in hybrid vehicles from each manufacturer now qualify for a $7,500 tax rebate.

$2,500 for Plug-in Electric Motorcycles or Low-Speed or Three-Wheeled Vehicles

The economic stimulus bill established a 10% tax credit through 2011 with a cap of $2,500 for new electric plug-in motorcycles, low-speed and three-wheeled vehicles. There's also a 10% tax rebate and a $4,000 cap for converting an existing vehicle to a plug-in.

Rocky Mountain Power

Rocky Mountain Power currently has a program for Solar power, and the incentive is $2/watt. There are limitations and the you must sign up and be approved well in advance. The program will run thru 2011. It is very limited and we should all call and try to get them to expand the program to include more homes. They can be reached at 866-344-9802.

They also provide rebates on new appliances and service work such as:

Clothes Washers, refrigerators, dishwashers, water heaters, lighting fixtures, ceiling fans, A/C, windows, insulation, furnace tune-ups, duct sealing and insulation. For detailed information call 1-800-942-0266.

*All Rocky Mountain Power incentives and programs are for Rocky Mountain Power customers only.

Questar Gas Thermwise Program

For $25, a Questar Gas technician will visit your home, conduct an energy audit, and provide you
with a detailed report on how to make your home more energy efficient. Follow thru on their recommendations and they will give you a $25 rebate on your gas bill.

Appliance rebates include: Energy Star clothes washers and gas dryers, gas water heaters (including tankless), as well as high efficiency gas furnaces, boilers and solar assisted gas water heaters.

They also provide rebates for energy efficient improvements such as windows, insulation and duct sealing/insulation. For more details call Questar Gas at 800-695-7375.

*All Questar incentives and programs are for Questar customers only.

Financing Options:

I know many of you are ask, how do I get the money to put these systems in place? Well, there are a few options available with the use of an Energy Efficient Mortgage (EEM).

-FHA allows lenders to add up to 100% of energy efficiency improvements to an existing mortgage loan by insuring a loan of up to 5% of a home's appraised value with certain restrictions. FHA EEM's can be used to purchase a home that is already EnergyStar certified or to make energy efficient improvements to a home you are buying.

-VA EEM's allow you to take $6000 for improvements on top of the purchase amount.

-Conventional loans allow homebuyers to borrow up to 15% of an existing home's appraised value for improvements documented by a Home Energy Rating (HER).

Some lenders can adjust your debt-to-income ratio by 2% to account for the energy savings you will realize with energy efficient improvements. For more details on the program that works best for you, contact your lender. Be sure to ask your lender about energy efficient improvements and re-financing options for the home you already own.

Laurie Nadeau

Green Built Communities

435-659-6990 cell

801-303-9117 fax

Laurie@GreenBuiltCommunities.com

Your Source for AFFORDABLE Green Homes!

With the Green Movement gaining more and more speed, it's great to live in a community that's green conscious citizens are taking the necessary steps to lessen our burden on the environment. The following was taken from press-release earlier today from the city of Park City.

Park City, Utah; April 16, 2007 -- The community of Park City has been recognized by the U.S. Environmental Protection Agency (EPA) as an EPA Green Power Community for purchasing 3.7 percent of its electricity use community-wide from green power resources. The world-renowned resort town is now Utah's second EPA Green Power Community and the largest in the state. EPA extends the honor to communities that show their environmental commitment by voluntarily purchasing green power in amounts that meet or exceed EPA purchase requirements.

Simultaneously, city officials announced that they surpassed the 5 percent Green Power Challenge target announced on November 12, 2003. More than 9.4 percent of Park City residents and businesses are now purchasing Blue Sky Renewable Energy. The Park City Council partnered with the Utah Clean Energy Alliance's Utah Wind Power Campaign and Rocky Mountain Power to increase community participation in Rocky Mountain Power's Blue Sky® renewable energy program. The Community's Clean Energy Challenge still continues with a new goal of reaching 15 percent of Park City residents and businesses purchasing Blue Sky Renewable Energy.

The businesses and residents are collectively purchasing nearly 8.7 million kilowatt-hours (kWh) of Blue Sky clean energy annually, which accounts for more than 3.7 percent of the total community electricity load. Based on national average emissions rates, the U.S. EPA estimates that Park City's community-wide green power purchase of nearly 8.7 million kWhs is equivalent to reducing the same amount of CO2 emissions associated with nearly 1,200 passenger cars annually. This purchase is also the same amount of electricity needed to power more than 700 average American households each year.

"I am proud to be the Mayor of a community committed to clean energy and sustainability," says Park City Mayor Dana Williams. "It makes sense for Park City to support energy resources that do not contribute to global warming and air pollution - this community thrives on the quality of our environment."

Park City will officially celebrate the EPA recognition during the city's first Sustainability Week which goes from Saturday, April 14 through Sunday, April 22.

To date, Park City is only one of seven communities in the nation to receive EPA Green Power Community designation. EPA encourages municipalities and organizations to voluntarily purchase green power as a way to reduce the environmental impacts associated with conventional electricity use. As part of its recognition, Park City received two colorful street signs reading, "Welcome to a Green Power Community. We exceed EPA guidelines for buying clean, renewable energy." The sign will be posted at a high visibility location at the base of the stairs from Main Street leading to Park City's City Hall.

Green power is generated from renewable resources such as solar, wind, geothermal, biogas, biomass and low-impact hydro. Green power is considered cleaner than conventional sources of electricity and has lower carbon dioxide (CO2) emissions, a greenhouse gas linked to global climate change. Purchases of green power help accelerate the development of new renewable energy capacity nationwide.

Park City was named recently the recipient of a Blue Sky Renewable Energy Project Grant funded by Blue Sky program participants to pursue community-based renewable energy projects on various sites in Park City. Park City is looking at multiple ways to promote the City as a "Sustainable Community". On November 7, 2003 the Park City Council adopted a resolution declaring Park City's interest in taking a leadership role in promotion of sustainable energy by promoting both energy efficiency and renewable energy for Park City Municipal and the community.