Energy Stimulus Funds and You – Tampa Bay Home Savings Available Now

If you own a Tampa Bay home or one anywhere else in the country, this news will be important to you. The American Recovery and Reinvestment Act of 2009 also called the Stimulus Act has been passed to put approximately $787 billion into the economy. There was a portion of this money, $16.8 billion that was earmarked for the U.S. Department of Energy. The money is for increasing energy efficiency and reducing the dependency of Americans on foreign oil. There are several programs that will give consumers access to this money. One, which Tampa Bay home owners can take advantage of is the $5 billion Weatherization Assistance Program that is being distributed to states and put in place for making homes more energy efficient.

The program works with local agencies as well as those within the state to help low-income families by providing upgrades and repairs that will make their homes easier to heat and cool, thereby reducing these costs. The weatherization program has been estimated to save Tampa Bay home owners as much as $350 per year on their energy bills. The Department of Energy estimates that approximately 20 to 30 million families across the U.S. can qualify to receive this help.

In addition to this program the Stimulus Act also has extended tax incentives to Tampa Bay home owners and others who utilize renewable energy. Some of the tax credits are:

Home Energy Efficiency Improvement Tax Credits – Tampa Bay home owners and other within the U.S. can receive up to $1500 for improvements made to heating and cooling equipments, roofs, doors, windows and insulation.

Residential Renewable Energy Tax Credits – For solar systems, micro-turbine and wind systems and geothermal heat pumps can receive a 30% tax credit if the systems are in place before December 31, 2016.

Hybrid Vehicles Tax Credits – Businesses or individuals leasing or buying a hybrid car or truck and putting it into service beginning January 1, 2006 and buying a hybrid vehicle before December 31, 2010 can get a tax credit.

Alternative-Fuel Vehicle Tax Credits – Diesel vehicle that have lean-burn technology are eligible for a credit. Those with fuel-cell vehicles are also eligible.

Plug-In Electric Vehicles – Tax credits of $2500 to $7500 are available for those who buy an electric vehicle beginning January 1, 2010.

For more information about homeowner assistance programs, please visit our “Find A Local Counselor” page, complete the form and we’ll be happy to assist you further.