Tax Credit for Hail Damage! (or tax incentives even if you didn’t get hail)

January 29th, 2007 by Mary Schmelzer

Last Monday I went to a tax incentives workshop sponsored by the Midwest Energy Efficiency Alliance. Thanks to the Energy Policy Act of 2005, there are some terrific financial incentives (in addition to lower utility bills) for reducing energy usage in your home or business.

Homeowners: Did you replace windows or skylights due to hail damage or just because they needed it? Did you add new insulation or an exterior door to your home? Are you thinking that maybe you should? You can get tax credits for the products you choose. Building new? See the good news for contractors (and you!), below.

Business owners or tenants: is it time for new new heating/cooling/ventilation equipment? Do you know how much money can be saved by replacing your existing lighting? Better yet: is it time for a new building or big remodeling? You can get up to $1.80 per square foot deduction for a reduction in energy usage. We all know square footage can add up fast…some of that cost back is always welcome.

Contractors: How can you shave $2000 off every new home you build? Get the $2000 tax credit!

Not every tax incentive applies to every situation, and unfortunately, it doesn’t look like the incentives will last forever. If you are considering saving yourself money on energy bills, reducing your ecological energy usage footprint, and would like tax money back for your efforts, talk to us about designing you some new space or remodeling what you have.

You can also find more information at the Tax Incentives Awareness Project (TIAP) website.

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