Dec 11 2005
The recently launched website, www.energytaxincentives.org provides information on valuable new federal income tax incentives in the Energy Policy Act of 2005 (EPAct).
“With today’s spiraling energy costs and predictions of a colder than normal winter in certain parts of the country, we urgently need to reach out to consumers and businesses alike and inform them about the new tax credits and about saving money with energy efficiency,” said Alliance to Save Energy President Kateri Callahan.
“The only way to bring down energy prices in the next few years is to reduce demand – a prescription that energy efficiency can fill.”
“We hope consumers and businesses will log onto the TIAP website to get the information they need to lower both their energy bills and their federal income tax liability,” said Steven Nadel, Executive Director of the American Council for an Energy Efficient Economy (ACEEE).
“Another advantage of this new federal policy is to grow the marketplace for energy-efficient technologies, so that product availability can increase and product prices decline, providing long-term benefits even after the tax incentives expire.”
Under the new law, consumers and businesses can receive tax incentives for specific energy-efficiency upgrades to homes and commercial buildings such as upgrades to home insulation and windows and commercial building lighting improvements.
In addition, the law includes tax credits for energy-saving technologies such as hybrid vehicles, appliances, heating and cooling systems, solar energy systems, and high-efficiency new home and commercial building construction. TIAP is a coalition of public interest nonprofit organizations, including the Alliance and ACEEE, as well as government agencies and other leaders in the energy-efficiency field. Its mission is to help consumers and businesses benefit from EPAct’s federal income tax incentives and credits. A full list of TIAP supporters can be found at www.energytaxincentives.org . TIAP will update the web site regularly as the IRS makes new information available.
TIAP partners also will work with government agencies to ensure that they issue and implement guidelines and rules in a timely and appropriate manner.