Stimulus Going Green
February 15th, 2009 Categories: 2009 Stimulus, Real Estate News
Stimulus Going Green
To promote green jobs and energy independence, The American Recovery and Reinvestment Act is investing significantly to make homes and buildings more energy efficient. The bill provides state and local governments with $6 billion in energy efficiency and conservation grants for energy audits, retrofits and financial incentives.
Through 2010, homeowners will be able to claim a 30% tax credit (up from 10%) for purchases of new furnaces, windows and insulation. That is a big one, if you were going to replace windows and your cost would be $8,000, you would save $2,400 on your income tax. You would also have to think that window installers and manufacturers are pretty competitive on the bids. These are opportunity times.
Another $5 billion will be available to modernize the nation’s electricity grid and install smart meters on homes that help to save consumers money.
There is also $5 billion for weatherization assistance for low income households and $2 billion for federally assisted housing {section 8}) efficiency efforts.
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