Feb. 21, 2002: Alliance to Save Energy Urges Adoption Of Proposed Energy Efficiency Incentives
WASHINGTON, DC — The Alliance to Save Energy applauds the energy efficiency tax credits approved by the U.S. Senate’s Finance Committee and urges their adoption by the full Senate and Congress. The proposed tax legislation includes various incentives for new and existing homes, commercial buildings, and equipment.
David M. Nemtzow, president of the Alliance, stated, “Tax incentives for highly efficient homes, buildings, cars, and products will help the U.S. improve its energy efficiency, lessen energy bills for families, reduce pollution and greenhouse gas emissions, and curb growing oil demand.”
The committee’s tax incentives include:
- New Homes — A tax credit to builders of up to $1,250 per unit for homes that are at least 30% above code and up to $2,000 per unit for homes at least 50% above code.
- Existing Homes Upgrades — A 10% tax credit of up to $300 (on a $3,000 purchase) for energy-efficient components such as insulation and a tax credit to homeowners for combined measures resulting in a 30% reduction in heating and cooling costs, based on approved home energy ratings.
- Commercial Buildings — A tax deduction of up to $2.25 per square foot for investment in buildings and multifamily residences that reduce energy use by 50%.
- Equipment — Tax credits to consumers of $75 per unit for the purchase of electric heat pump water heaters and natural gas water heaters; $250 per unit for efficient electric heat pumps; $250 per unit for geothermal heat pumps; $500 per unit for natural gas heat pumps; and $250 per unit for efficient central air conditioners.
Publication date: 02/18/2002
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