How California Taxpayers Can Get More Green by Going Green

11:05 am Uncategorized

eco house 150x150 How California Taxpayers Can Get More Green by Going GreenGoing green by making your home energy efficient can not only help you save a lot of green on your energy bills, it can also add up to big tax savings as well.

If you installed solar panels to cut electricity costs in 2010, you could be eligible for a $15,000 federal tax credit.  California provides residents with a property tax exemption for solar energy systems installed between Jan. 1, 1999 and Dec. 31, 2016.  The exemption covers 100 percent of the system value and 75 percent of system value for dual-use equipment.

In addition, California has a number of statewide rebate programs, including:

California Solar Initiative – Solar Water Heating Rebate Program. Single-family residential systems that displace natural gas: $1,875; Single-family residential systems that displace electricity: $1,250.

California Solar Initiative – PV Incentives. For solar space heat, solar thermal electric, solar thermal process heat, photovoltaic; rebate amounts vary.

CEC New Solar Homes Partnership. Building a new solar home may qualify you for an additional $2,000 in federal tax credits and $2.50/watt in state rebates.

Energy Upgrade California. Rebates of up to $4,000 for installation of qualifying energy efficient equipment insulation, furnaces, central air conditioners, duct/air sealing, building insulation, windows, etc.

Self-Generation Incentive Program. Provides rebates for qualifying distributed energy systems, including wind turbines, fuel cells, and corresponding energy storage systems.

There are more tax breaks for those who go green in 2011, including a $7,500 credit if you purchase an electric plug-in vehicle, a maximum credit of $500 for making energy-efficient home improvements, a maximum credit of $2,500 for low-speed electric vehicles like street-legal golf carts and mopeds, and additional credits for home geothermal or wind systems and energy efficient appliances.

Contact us today and let our Newport Beach law firm help you with all your financial planning needs.

 

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