Energy Company Incentives
Choosing spray foam insulation over traditional methods such as fiberglass not only lowers your monthly utility bills but can save you significant money in other areas too. For example, did you know that companies such as Duke Progress Energy support green building and energy efficiency initiatives? Their Home Energy Improvement Program (HEIP) encourages homeowners to create a more energy efficient home by offering cash rebates.
These cash rebates can be used for:
- Attic insulation upgrades and closed attic assemblies
- Energy efficient windows
- HVAC maintenance or replacement
- Air duct testing and repair
If you wish to take advantage of the HEIP you will need to schedule a pre-qualified contractor to undertake any work that is needed. And that’s where we can help: Evergreen Foam & Insulation is proud to be a pre-qualified contractor for Duke Progress Energy.
Recent green building legislations include:
- Energy Policy Act of 2005
- Energy Independence and Security Act of 2007
- Emergency Economic Stabilization Act of 2008
- American Recovery and Reinvestment Act of 2009
Economic Stimulus (ARRA)
ARRA, the American Recovery and Reinvestment Act, is a $787 billion program which was signed into law by President Obama on February 17, 2009. This unprecedented investment of taxpayer money has been created to kick start the U.S. Economy through job creation, education, healthcare, infrastructure improvement, energy efficiency and weatherization programs.
The White House predicts that the ARRA will create, or save, three to four million jobs, 90% of which will be in the private sector. And at Evergreen Foam & Insulation we are particularly excited by the green building initiatives and the focus on energy efficiency and weatherization which are an integral part of ARRA. These aspects include:
- $150 billion in infrastructure spending which is focused on transportation and federal facilities
- Improvement of a “smart” electrical grid throughout the country
- Development of domestic renewable energy capabilities (i.e. wind and solar power)
- Energy efficient housing retro-fits
- The largest weatherization program in U.S. history
$225 billion (28.5%) of the $787 billion total will be distributed to state and local governments, of which the Office of Economic Recovery & Investment of North Carolina projects that the state will receive $6.1 billion.
How Could This Benefit You?
Admittedly it may take a while until the impact of ARRA becomes obvious but the even better news for home and business owners in the area is that there are a number of green building tax incentives available to taxpayers under the legislation. These include:
- Up to 30% deduction off the cost of home energy efficiency improvements
- Up to $1.80 per sq ft deduction for energy efficient commercial construction
- Incentives require performance standards against existing code requirements
- Incentives may be capped and must be certified using the appropriate tax form
Energy Star states that a green building tax deduction lowers taxable income based on your tax bracket, while a tax credit offsets one’s tax obligation dollar-for-dollar. The applicability of these tax incentives vary by individual and by project, and must be considered with the assistance of your own professional tax and/or legal advice. At Evergreen Foam & Insulation we firmly believe that these programs are worth pursuing for anyone who wants to save money and make their home or workplace more sustainable.
If you’re not sure what paperwork you’ll need Evergreen Foam & Insulation is more than happy to help you locate the correct forms and find the right supporting information. It’s time to be smart, it’s time to be green – it’s time to take advantage of available incentives!