OCEANSIDE, CALIFORNIA--(Marketwire - Feb 26, 2013) - The Residential Energy Services Network (RESNET) and its allies scored a significant victory this January when Congress extended the Energy Efficient Homes Tax Credit to December 31, 2013. The $2,000 tax credit for builders constructing energy efficient homes was RESNET''s number one legislative priority, and is seen as a clear demonstration of wide bipartisan support for high energy performance homes. The extension of the credit was included as part of the recent compromise legislation to avert the fiscal cliff.
In order to be eligible for the tax credit, builders must prove that the heating and cooling energy consumption levels of their new homes are at least 50 per cent lower than those of comparable homes constructed as per the 2006 IECC.
But it''s not only energy efficient builders who can benefit from this legislation. Homeowners who want to purchase qualified products to improve the energy efficiency of their existing homes can also take advantage of the tax credit. This comes as especially welcome news at a time when a slow economy is forcing homeowners to try and save money wherever they can. Energy efficient homes are not only proven money-savers, but also enjoy a greater resale value than their less efficient counterparts. As a result, increasing numbers of homeowners are opting for energy audits in order to ascertain where and how their homes are losing energy, and what cost-effective solutions are available to them rectify those problems. The tax credit extension goes a long way in helping them do that.
Points to note regarding the Home Energy Efficiency Tax Credit include:
- The tax credit is retroactive to homes sold from January 1, 2012
- Homebuilders selling an energy-efficient home who want to apply for the credit need to complete IRS Form 8908 (www.irs.gov/pub/irs-pdf/f8908.pdf)
- For Residential Requirements of the 2006 International Energy Conservation Code, go to: www.energycodes.gov/sites/default/files/becu/2006_iecc.pdf
The energy efficient tax credit extension forms a part of the American Taxpayer Relief Act of 2012, and is contained under Section 408. The extension of this credit signifies the importance of home energy efficiency in today''s economic climate, and the pivotal role played by RESNET and its allies in getting that message across to Congress.
The Residential Energy Services Network (RESNET) is the independent, national nonprofit organization that homeowners trust to improve home energy efficiency and realize substantial savings on their utility bills. RESNET''s industry-leading standards are recognized by the U.S. Department of Energy and the U.S. Environmental Protection Agency, among others.