Unpacking the Stimulus Package, Vol. 6
The stimulus package expanded consumer tax incentives for homeowners who make energy efficient home improvements and for individuals and businesses that purchase or lease hybrid vehicles. These consumer tax benefits, initially introduced in the Energy Policy Act of 2005 (EPACT), have been extended through 2010. In addition, the total available tax credit has been tripled (from $500 to $1,500), the available tax credit has been increased to 30 percent of the cost of each qualified energy efficiency improvement, and the cap on geothermal heat pumps and solar water heaters has been removed. In addition to federal tax incentives, consumers may also be eligible for state or utility sponsored rebates and state tax incentives. More information can be found at the United States Department of Energy and the Alliance to Save Energy.
