Federal Tax Credits For Energy-Efficient Appliances
Federal Tax Credits For Energy-Efficient Appliances
Remember the recently completed and very successful federal program, "Cash for Clunkers?" Consumers were offered rebates for exchanging their gas-guzzling debt traps of cars for newer and more energy-efficient models. Car sales skyrocketed, the auto industry got a much-needed jolt and we're making fewer trips to the gas station.
On March 2, President Barack Obama formally announced Home Star, a new federally funded plant that would encourage homeowners to make their homes more energy-efficient through retrofitting and renovating.
Each state has its own starting date for Home Star (better known as Cash For Appliances), and California's program began yesterday on (appropriately enough) Earth Day.
Originally dubbed "Cash for Caulkers" in President Obama's January State of the Union Address, Cash For Appliances is designed to help homeowners save between $200 and $500 a year in energy costs; boost the demand for energy-efficient products and installation services, giving our economic recovery a kick; and help reduce our dependence on oil.
Short term, President Obama believes Cash For Appliances would create "tens of thousands" of jobs. Long term, it has the potential to be "transformative" in the building efficiency industry, believes Matt Golden, the chair of the EfficiencyFirst advocacy group and the CEO of home energy-efficiency company Recurve.
"This is a moment in time where we are going to have a foundation to drive a strong industry," Golden said.
How do the Cash For Appliances rebates get to you? Like Cash for Clunkers, consumers would collect point-of-sale rebates when purchasing energy-efficient products. The participating merchants-ranging from independent building material brokers and qualified energy-efficient professionals to home improvement stores-would market the rebates and provide them right to consumers.
These vendors would then receive reimbursements from the federal government.
Now the fun part-the rebates. Cash For Appliances features two categories. The Silver Star level offers:
Up to $1,500 in rebates per renovation
Upgrades include insulation, sealing leaky ducts and replacing less-efficient water heaters, HVAC equipment, windows, roofing and windows
Maximum rebates of $3,000 per home
The more comprehensive Gold Star level features:
Up to $3,000 in rebates
Whole-house energy audits and energy-saving retrofitting
Additional rebates for energy savings that exceed 20 percent
One other hope is that Cash For Appliances would be a springboard for demand of green building products. One Cash For Appliances Coalition member is a Silicon Valley-based company called Serious Materials, which specializes in manufacturing energy-efficient building products-like sheet rock and windows-and use far less energy than comparable companies.
If Cash For Appliances indeed delivers on its vast potential, American homeowners could save hundreds of dollars annually on energy costs. And with moreefficient lighting, heating and cooling, you'll also see major improvements in your home's comfort and value.
Until next time, Happy Home Improving!
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