Bailout Bill Good for Green Building  There’s an awful lot of pork in the financial “rescue” bill just signed into law. But there’s also some useful items, for example, the tax credits and incentives for renewable energies. This is a total plus for construction contractors, especially if they already focus on upgrading and greening existing dwellings. From Forbes magazine: “Solar power had the most to gain from the bill. The expiring incentives allowed homeowners to claim an investment tax credit for 30% of the cost of a new solar installation, but capped it at $2,000. The new law, written into the financial rescue bill, extends the 30% credit for eight years and, more importantly, eliminates the cap. That means that on a $27,000 residential solar system of 3.2 kw, a homeowner could take nearly $9,000 off his taxes the first year. In a market with average electric rates of 11 cents per kwh that would reduce the payback on a solar system from 12 years to seven years. ” With power costs sure to surge in coming years, the payback could come even faster. Add to that the fact that many power companies buy back extra power generated by home systems, and homeowners will be looking at putting money in their pocket instead of taking it out. Green Building is powerful, so be sure to point out the new and improved tax credits to customers considering the greening of their homes - it might just be the push they need to give the project a “green” light! - Forbes article is at forbes.com/home/2008/10/02/green-energy-taxes-biz-energy-cx_ch_1002energy08_taxes.html
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