Government tax credits and rebates coming for green improvements?

Reuters reports this week that the U.S. Senate will be voting as early as Tuesday on new energy tax credits for homeowners who are remodeling.  The voting on legislation would extend tax breaks and incentives for renewable energy production and energy-efficiency measures taken by homeowners.

Negotiators hammered out the extensive tax rebate package to continue investment credits for solar, wind, and geothermal energy. It also creates a new tax credit for purchasers of plug-in hybrid vehicles.

Homeowners could get a 30 percent tax credit for eight additional years for the cost of installing solar equipment at residences.

Homeowners could claim a tax credit of up to 10 percent of the costs of all qualified energy efficiency improvements, such as insulation, replacement windows, water heaters and heating and cooling equipment.

“This compromise will enable us to become a more energy efficient nation and wean us off our dependence on fossil fuels,” said Democrat Jeff Bingaman, chairman of the Senate Energy and Natural Resources Committee.

For detailed information on the legislation see the United States Senate Committee on Energy & Natural Resources

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