Originally published August 6 2005
New energy bill might save you money
by Mike Adams, the Health Ranger, NaturalNews Editor
The energy bill that congress has recently passed funnels most money into big business, but consumers can benefit as well with tax breaks for consumers with more efficient houses.
- You won't feel it when you fill up at the pump or when you pay the power bill for air-conditioning, but after five years' work, Congress has cleared an energy policy that tucks consumer incentives in between big energy-industry write-offs.
The bill's $14.5 billion in energy tax breaks go overwhelmingly to oil and gas companies, electric utilities and other energy firms, but homeowners should see almost $800 million in home-energy tax breaks the next two calendar years, with another $874 million earmarked for drivers who buy alternate-fuel vehicles over the decade.
Analysts say the energy bill won't do much to cut imported oil or slake Americans' thirst for it.
- Taxpayers can claim tax credits totaling $500 in 2006 and 2007 for money spent on existing homes to upgrade heating systems, insulation, windows, doors and thermostats, caulk leaks, install pigmented metal roofs and otherwise cut energy waste.
Write-offs for replacement windows are capped at $200, however, while the credit for high-efficiency central air-conditioning, heat pumps and water heaters is capped at $300.
- Contractors who build new energy-efficient houses can claim a new tax credit worth up to $2,000 for homes that are substantially complete starting the day President Bush signs the bill into law.
- Appliance tax credits worth $100 or more are available for manufacturers of energy-efficient dishwashers, refrigerators and clothes washers that meet 2007 Energy Star energy-efficiency standards.
Taxpayers benefit indirectly through lower energy bills.
Smaller credits are available for fuel cell and photovoltaic power sources.
- Hybrid vehicles bought through 2010 that use both gasoline and electricity qualify for tax credits worth between $400 and $2,400, based on a sliding scale geared to energy efficiency for cars and light trucks weighing less than 8,500 pounds.
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