Originally published September 24 2005
Bush urges U.S. to be energy-efficient
by Mike Adams, the Health Ranger, NaturalNews Editor
In wake of Hurricane Katrina, the lives of all Americans nationwide have been altered. President Bush signed a bill on August 8th stating that our goal is to encourage energy efficiency and conservation, promote alternative and renewable energy sources and reduce our dependence on foreign sources of energy.
As residents of the Gulf states try to resurrect their lives after the devastation caused by Hurricane Katrina, residents of South Florida may soon be feeling its impact directly, with higher gas prices and concerns that Florida Power & Light might not have enough fuel to meet the energy needs of local residents.
That's why a new energy bill recently signed into law by President Bush means more to Americans than just tax credits.
The Energy Policy Act of 2005 -- the first national energy plan in 13 years -- was signed by the president Aug. 8.
The bill includes incentives for the purchase of energy-efficient vehicles and the modernization of domestic, energy infrastructure.
To encourage homeowners to make energy-efficient improvements in their homes, the energy bill offers consumers tax credits.
10 percent of the cost of energy-efficient insulation, doors and/or Energy Star pigmented metal roofs.
Up to $150 of the cost of a highly efficient furnace or boiler.
Tax credits are more valuable than deductions because they provide a dollar-for-dollar reduction in your tax bill.
"Credits are three times more valuable than deductions for most people," said Daniel S. Kushner, a partner in the Miami Beach office of accounting firm Gerson, Preston, Robinson & Company PA.
Still, most homeowners will have to spend a lot before they can shave their tax bills, Kushner said.
"The maximum credit for most improvements made by South Floridians is $500, which represents $5,000 of improvements," he said.
A homeowner has to spend $6,667 on a solar water heater before he can take the maximum credit of $2,000, Kushner added.
Ungar said that while there is often an initial cost for efficient technologies, they usually pay for themselves quickly in lower energy bills.
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