2013 Energy-Saving Tax Credits: Part 2 of 3
Homeowners taking advantage of renewable energy can qualify for savings of up to 30 percent of equipment cost; rentals and second homes are not eligible for these Consumer Energy Efficiency Tax Credits.
Over next week, PGI will complete this series with part 3. To view part 1, click here.
Tax Credit #2: Solar Energy Systems
Solar power is the conversion of sunlight into electricity using photovoltaics (directly) or concentrated solar power (indirectly). Absorbing the sun’s heat, these systems benefit from direct sunlight and what better place to utilize solar power via these natural resource than in the Sunshine State? One popular residential system qualifying for a 2013 tax credit is the solar water heater. Using the sun’s thermal energy to heat water in your home, these heaters include a collector and storage tank, coming in a wide variety of designs and prices. To qualify, the system must be certified by the Solar Rating and Certification Corporation (SRCC) or a similar corporation endorsed by the state government, with half of all energy generated coming from the sun. This tax credit includes installation costs.
Tax Credit #3: Geothermal Heat Pumps
Similar to ordinary heat pumps, geothermal heat pumps use the earth’s in-ground natural heat to provide heating, air conditioning and hot water in residential homes. All geothermal heat pump components certified by the manufacturer are covered in this tax credit, but some add-on components, such as back-up systems and ducts, may not be covered. To qualify, the geothermal heat pump must be certification by ENERGY STAR. This tax credit includes installation costs.