New Year, New Energy Tax Credits

Jan. 6, 2006

The tax credits offered as part of the Energy Policy Act of 2005 took effect Jan. 1

If you raised a glass on Dec. 31, toasted the New Year, and vowed to have a leaner 2006, the government can now help you - at least in respect to your building’s energy costs. Provisions in the Energy Policy Act of 2005 (that make available various energy-efficiency tax credits) took effect Jan. 1, 2006.

In a recent release from the U.S. Department of Energy, the initiative is being hailed as a way to increase America’s energy security. The DOE explains: “The energy-efficiency tax credits were signed into law in August 2005 as part of the first comprehensive energy legislation in over a decade. The landmark energy bill contains provisions to promote energy efficiency and conservation, improve the reliability of electricity delivery, and encourage increased domestic energy production, including energy from renewable sources such as biomass and wind.”

Tax credits that are available to business include a 30-percent tax credit for the installation of qualifying solar equipment on a building. To find out more, visit the U.S. Department of Energy website (www.energy.gov).

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