From the Obama administration on down, many Americans are realizing that the recession of offers openings for beneficial change. Among those openings are the stimulus package's incentives for homeowners to invest in energy-efficient technology and products. These incentives can save homeowners money in more ways than one -- and increase business for the makers of products such as windows and insulation.
Much about the $787 billion stimulus package that Congress passed last month remains uncertain. Local governments aren't sure which projects they'll get money for, and how much money they'll get. But the incentives for energy-efficient technology are a sure thing, and it's a safe bet that these improvements can bring economic benefits.
The incentives include a 30-percent tax credit for homeowners who install energy-efficient windows, insulation or heating systems in 2009 and 2010. The maximum credit value is $1,500, up from the previous maximum credit of $500, the Journal's Lisa O'Donnell reported.
Other tax credits mean that those who install renewable-energy systems such as geothermal heating, solar panels, solar-water heaters and windmills could get as much as 65 percent of the cost back. And the state will receive about $136 million for weatherization projects in low- and middle-income homes.
These incentives should spur many Americans into projects that can save them money on utility bills. Businesses, including window-makers and sellers, could get a needed lift. "Fifteen hundred dollars is a lot of money to put somebody over the fence," said Chris Reilly, the director of marketing for Atrium Windows and Doors, which employs 1,000 people in Welcome. "We are very happy with it and think it's a true stimulator," he told the Journal's Fran Daniel.
The incentives may also help keep the workers of the Welcome plant employed.
Homeowners considering tackling an energy-efficiency project might be well advised to get an energy audit first. Those audits start at about $500, but it might be money well spent. "You can spend a lot of money putting things in, but unless you have an energy audit that shows where the cold air is coming in, you may be spending money and not getting a big return," said Leigh Anne Schwietz of Winston-Salem. She and Matthew Yetter are eligible for a $1,500 tax credit for adding insulation to the crawl space underneath their home.
The cold winds of the recession are far from over. But these incentives could bring a little warmth -- in more ways than one.
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