Financial Incentives for Energy Efficiency
With gasoline prices hovering around $3 per gallon, and the prices of many other energy sources high as well, dozens of bills have recently been introduced in Congress to address our continuing energy problems. However, most of these bills are "message bills" designed to send a message back home rather than serious attempts to pass legislation.
Washington, D.C. — Criticizing recent proposals to reduce gasoline prices as too weak and one-sided, the American Council for an Energy-Efficient Economy (ACEEE) today called on government and business leaders to launch a vigorous public awareness and policy effort aimed at cutting pump prices by easing America's gasoline consumption.
IRS Guidance Helps Consumers Benefit From New Federal Tax Incentives for Energy Efficiency Home Improvements
Washington, D.C. — The Tax Incentives Assistance Project (TIAP) has posted links to new Internal Revenue Service guidelines so consumers and businesses can take full advantage of new federal tax credits for energy-saving technologies and practices. The guidelines cover existing homes, new homes, and new manufactured homes.
In August 2005, the President signed the Energy Policy Act of 2005, including just under $2 billion in tax incentives for new and existing homes, commercial buildings, home appliances, and advanced vehicles. ACEEE, working with a number of other organizations, has formed the Tax Incentives Assistance Project (TIAP) to provide information to consumers and businesses on what's eligible and how to qualify. Incentives are available for:
The U.S. Congress passed the Energy Policy Act of 2005 in August after about five years of work. But as soon as the ink was dry, energy prices started climbing, driven by tight energy markets and the Hurricanes Katrina and Rita. As a result, many legislative proposals now being discussed are likely to receive attention in 2006.
Tax Incentive Coalition Launches Web Site to Help Consumers and Businesses Save With New Energy Efficiency Tax Credits
Washington, D.C. — A new Web site from the Tax Incentives Assistance Project (TIAP) aims to help individuals and businesses cut their federal tax bills and their energy bills in 2006 and 2007 by becoming more energy efficient. Launched today, www.energytaxincentives.org provides information on valuable new federal income tax incentives in the Energy Policy Act of 2005 (EPAct).
Energy Policy Act of 2005 Enacted — Contains Useful Provisions But Leaves Many Opportunities on the Table
On August 8th, President Bush signed the Energy Policy Act of 2005 into law after 4 ½ years of work by Congress. The new law deals with a wide array of topics including energy efficiency, renewable energy, coal, oil, gas, and nuclear power. From an energy efficiency perspective, highlights of the new law include establishment of new appliance and equipment efficiency standards on 16 products, and tax incentives for efficient appliances, air conditioners, furnaces, new homes, commercial buildings, as well as new hybrid and efficient diesel vehicles.
In response to many requests, the American Council for an Energy-Efficient Economy (ACEEE) has prepared a summary table on energy efficiency tax incentives in the recently enacted Energy Policy Act of 2005. This summary can be accessed here. This summary includes both consumer and business tax credits.