Today’s new home builders are more environmentally-conscious than ever. New home owners are being encouraged, both by developers and by the federal government, to “go green”. Efforts by homeowners to conserve energy through environmentally-conscious building practices are being rewarded with the solar federal tax credit.
The solar federal tax credit is a federal government incentive. It was designed to reduce energy consumption and create more sustainable living. This incentive is aimed at two types of homeowners. The first is those whose existing homes need some general improvements to make them more energy efficient.
Homeowners can qualify to receive a tax credit in the amount of 30 percent on the purchase of the following:
* New roofs (metal or asphalt)
* Insulation
* Non-solar water heaters
* New windows and/or doors
* HVAC systems
* Biomass stoves
The initiative applies to the purchase price of the item plus installation and labor charges. The credit is capped at 1,500 dollars.
The second target group is people who are building new homes. The federal government hopes that this incentive will give momentum to the trend of building homes with energy-saving measures as part of the original design.
New construction homes qualify if they are installed with:
* Small wind turbines
* Solar energy systems
* Geothermal heat pumps
* Solar water heater systems
The benefit for installing these measures in new construction homes is a 30 percent tax credit. It applies to the purchase and installation price, and there is no limit to the claim.
Both new and existing homes are eligible for the solar federal tax credit on the purchase and installation of a residential fuel cell and microturbine system. Such a system converts a chemical energy source into electricity.
The credit for homeowners installing this system is equal to 30 percent of the purchase price and installation cost. It is capped at 500 dollars per .5 kilowatts of power capacity.
Many local retailers of energy-efficient and solar-powered systems and building supplies stores have more specific details about the government program. Details and tax forms can also be obtained from the IRS.
The trend toward building more energy-efficient homes began to take off in 2000. Today, estimates on the number of new construction homes being built “green” range from 20 to 35 percent. The number is significantly higher than just a decade ago.
The federal government hopes to see this number increase with the solar federal tax credit program. The goal, though perhaps lofty, is to one day see all new homes equipped with at least some type of major energy-saving system.
California is one of the states leading the way in environmentally-conscious building practices. San Diego, CA land developer and former Building Industry Association of San Diego president Scot Sandstrom is one such industry leader.
This area in particular has seen significant building in recent years. Much of this is due to the 2007 San Diego wildfires that destroyed over 1,500 homes.
California homes in particular are being built with various types of sun energy devices. Solar roof panels are among the most popular of these. California’s sunshine makes devices like these a natural and highly energy-efficient choice for California home owners.
The solar federal tax credit is slated to continue at least through the tax year 2016. It’s possible that environmentally-conscious building practices and harnessing solar energy will be the norm rather than the exception by then.
Shea Real Estate & Investment Group is a full service real estate company servicing beautiful San Diego, California. Let them help you find your dream home today!
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