Are you planning to install a new cooling system in your home? If so, you may be keen to save money wherever you can, without cutting down on the quality of the system. There are many schemes running throughout the country that can help you to save money, depending on where you live. Most schemes are focused on rewarding you for saving energy in some way, so you might want to take these into account when you are buying a new system.
Residential Renewable Energy Tax Credit
Up until the end of 2014, the Residential Energy Efficiency Tax Credit provided a tax credit for energy efficient products including water heaters, insulation, biomass stoves, and HVAC systems amongst others, covering 10% of the cost up to $500. However, this is no longer available.
Instead, the Residential Renewable Energy Tax Credit is available up until the end of 2016. This was actually established in 2005 as The Energy Policy Act to encourage the use of more renewable energy. It is not a tax credit for devices like HVAC systems, but is instead for the installation of renewable energy systems including solar power, wind power, geothermal heat pumps, and fuel cells.
Still, if you have an HVAC system and you would like to power it in a more environmentally-friendly way, this could be an option. It allows you to claim a 30% credit for expenditures for your system in your primary residence, and you can read more about it at Energy.gov.
There are many other ways to save money depending on where you live. If you live in Texas, for example, you can see a long list of options at the Dsire database. Some of these include:
• The Xcel Energy incentive called the Residential and Hard-to-Reach Standard Offer Program, which is being provided for anyone getting HVAC retrofits, insulation, and more.
• Oncor is providing the Electric Delivery Solar Photovoltaic Standard Offer Program, which provides rebates to its customers when they install photovoltaic systems.
• CenterPoint Energy is running the SCORE and CitySmart Program for air conditioners, lighting, etc, which provides incentives for customers who complete energy-saving projects.
• The Commercial Solar PV Incentive Program in Austin, which is for commercial properties, schools, and nonprofits. This incentive is for photovoltaic (PV) systems and is based on performance.
• LoanSTAR also has the Revolving Loan Program for schools, universities, and hospitals, where loans are paid back through the energy savings made.
You may be thinking about installing a new air conditioning system by hiring trained technicians like those at Wood Air Conditioning, or you may want to install a renewable energy system in your home. Whatever your plan, make sure you find out more about the incentives available where you live.
Find Out What’s Available for You
There are many options available if you want to be rewarded to save energy. If you want to install a renewable energy system to reduce your energy bills and help the environment, you could take advantage of the Residential Renewable Energy Tax Credit. But also make sure you look for options in your state, and there may be a number of ways that you can benefit.
Rose Grant works as a home renovation contractor. She likes to share her insights with homeowners online. Her articles appear mainly on home renovating and DIY websites.