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Rebates and tax credits are available right now from the federal government and the Commonwealth of Pennsylvania for qualified home improvements that save energy. With these incentives, you can cut the cost of making your home more comfortable and more energy efficient. That will also save you money in the future, since your utility bills will drop. Here is information about financial incentives for homeowners:
Federal Tax Credits
You can get a tax credit on your federal income tax return for a wide range of home energy improvements, such as insulating your home, replacing old heating and air conditioning equipment with new energy efficient equipment, and installing solar-powered systems. Tax credits are worth 30% of the cost of the qualifying improvements, with some limits. Tax credits increase your income by reducing the amount of tax you owe the government, and they are generally more valuable than tax deductions or tax allowances.
Link for detailed information
Keystone HELP Program
Keystone HELP currently offers low interest loans for many different energy efficiency home improvements. Secured and unsecured loans are available at rates ranging from 3.875% to 8.875%. To qualify, homeowners must have a combined annual income of $150,000 or less, and improvements must be to their primary residence.
Link for detailed information
PA Sunshine Program
The Commonwealth of Pennsylvania is offering rebates on the cost of solar hot water and solar electric systems. Households are eligible for a solar hot water rebate up to 25% of the purchase and installation cost (maximum $2,000). Residential solar hot water systems commonly cost in the range of $2,000-6,000, depending on size. Solar electric rebates are available for up to 35% of the purchase and installation cost (maximum $22,500). The cost of a residential solar electric system depends on a variety of factors, most importantly the size/capacity. System sizes often fall between 1 kW and 6 kW. For a 3 kW system, a common benchmark cost for purchase and installation is $24,000. PA Sunshine rebates and federal tax credits combined can cut this cost by about 50%.
Link for detailed information
High Performance Building Program
Rebates and loans are available to individuals who are building a new primary residence or undertaking a major renovation to their primary residence. In order to qualify, the new or renovated home must achieve at least the Gold certification level under the U.S. Green Building Council’s rigorous LEED for Homes rating system (LEED stands for Leadership in Energy and Environmental Design). Secured loans are available up to $100,000 at a fixed rate that is based on market conditions at the time the loan is approved. Grants of up to $500,000 or 10% of eligible project costs (whichever is less) must be matched dollar for dollar.
Link for detailed information
Chart: “Pennsylvania Homeowners’ Guide to Energy Efficiency and Renewable Energy Funding”
Questions about any of these programs? Call us at 412-431-4449, ext. 225.
