Many Incentives FOR Energy Efficiency
Consumers can find financial incentives for energy efficient purchases and improvements in the form of tax credits, rebates, and energy-efficient financing.
Virginia Home Efficiency Rebate Program
Because of unclaimed and unreserved funds remaining from the first two rounds of the Energy Efficiency Rebate Program, approximately $5 million will be available for a new Virginia Home Efficiency Rebate Program
to make existing homes more energy efficient. Energy efficiency improvements include upgrading certain heating equipment, adding insulation, replacing leaky windows, and making other improvements to existing homes that reduce energy consumption and utility costs. Under this new program, homeowners will be eligible to reserve funds for rebates for 20 percent of the costs of qualifying energy conserving products and services, up to $595. Energy audits will be rebated for the cost of the audit, up to $250.
Energy-efficiency Tax Credit still available!
On December 17, 2010, President Obama signed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. This law extends the tax credits for energy efficiency into 2011; however, at lower levels. The credit allows for 10% of the cost of the improvement, up to $500, with a $200 max for windows, and several other set maximums.
- Furnace and boilers capped at $150, and all furnaces and boilers must meet 95 AFUE
- $50 for advanced main air circulating fan
- $300 for air conditioners, air source heat pumps, water heaters, and biomass stoves
- $500 lifetime limit. If you got over $500 in these tax credits from 2006-2010, you are not eligible for these credits.
Please consult your tax expert on any tax credit to which you may be entitled. For complete information, visit www.energystar.gov/taxcredits.
Natural Gas Rebates available
Heating Equipment Seasonal Checkup
Virginia Natural Gas offers seasonal rebates on heating equipment checkups. From September 1st, 2010 through March 31, 2011 they are offering a $50 rebate on your seasonal heating system checkup.
energySMART High-Efficiency Natural Gas Equipment Rebates
Virginia Natural Gas customers that purchase and install Furnaces, Tankless Water Heaters and Tank Water Heaters, are eligible for the energySMART rebates.
Energy-Efficient Financing Programs
Consumer can apply for energy-efficient financing through a government-insured or conventional loan program. Some states even have programs for their residents, so it's a good idea to contact your state energy office to find out if your state does.
There are two types of energy-efficient mortgages (EEMs): one for a new home and one for an existing home. With an EEM, you can purchase or refinance a home that is already energy efficient, or you can purchase or refinance a home that will become energy efficient after energy-saving improvements are made. Most energy-efficient financing programs offer both types of EEMs, as well as home-improvement loans for making energy-efficiency upgrades to your existing home.
Schedule an appointment online or call us at (757) 243-1514 to learn more about saving money today!