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Would you like an opportunity to reduce your utility bills? The Energy Policy Act of 2005 may help you do just that.
Several provisions of the Act may particularly benefit you when it comes to energy usage. Most of the tax credits apply to years 2006 or 2007. Be sure to check the details of the provisions with your tax advisor.
 - Refrigerators - Save up to $175 with tax credits on new refrigerators, depending on the energy saved.
- Dishwashers and clothes washers - Receive up to $100 credit for qualified appliances.
- Home improvements - Tax credits of up to $200 for efficient window replacements and up to an additional $300 for electric heat pumps, furnaces, air circulating fans and central air conditioners.
- New homes - If you’re building a new home,there are provisions that allow up to $2,000 in tax credits to the home builder for single family and manufactured homes that consume less than half the energy for heating and cooling than other comparable homes. This credit may be available for homes completed after Aug. 8, 2005. Your home builder also can receive up to $1,000 in credits for new manufactured ENERGY STAR® homes. Leverage these tax credits to raise your home’s efficiency.
- Solar panels - Homeowners can receive a tax credit of up to $2,000 per system. This applies to solar photovoltaic cells and solar water heating systems. There also is a $500 tax credit for each half kilowatt for qualified household fuel cells.
- Hybrid vehicles - There is a tax credit for hybrid vehicles of up to $2,400.
You can find information on the Energy Policy Act of 2005 by logging on to www.eere.energy.gov, OR www.energytaxincentives.org. See what is eligible and what qualifies for tax credits.
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