Here at 2nd Green Revolution, we firmly believe in the power of a clean energy economy to serve as the backbone of a healthy, sustainable economy going forward. Recent news from the Department of Energy (DOE) provides a glimmer of hope regarding this possibility. The DOE “released a new report [available as a PDF] highlighting the benefits of the Recovery Act to small businesses throughout the clean, renewable energy industry and environmental management sector. The report found that as of early March 2010, small businesses have been selected to receive nearly $5.4 billion in funding across a number of Recovery Act and related programs, including loans, loan guarantees, grants, contracts and tax incentives, in partnership with the Department of Treasury.”

As the administration touted the Department of Energy’s role in the recovery, “Secretary [Stephen] Chu Highlight[ed] Recovery Act Tax Credits for Home Energy Efficiency Improvements” during a visit to a manufacturer of energy efficient windows in Pennsylvania. According to the briefing, “The Recovery Act expanded residential efficiency tax credits for some energy-efficiency improvements, including replacing doors and windows, upgrading heating, ventilation and air conditioning equipment, adding insulation, or replacing a water heater. Through 2010, homeowners can receive a tax credit for 30 percent of the cost of the improvements, up to $1,500.” With April 15th fast approaching, “Secretary Chu reminded taxpayers that they can collect on those benefits this year as they file their 2009 tax returns, and can continue to receive tax credits through the end of this year. To help make sure that taxpayers are aware of the Recovery Act benefits they are eligible for this year, the Obama Administration launched a new interactive Tax Savings Tool.”

While many of the rebates are expiring, “Consumers who installed renewable energy systems in their homes, including solar panels, geothermal heat pumps or wind turbines, are also eligible for tax credits for 30 percent of the cost of the systems, which are available through 2016.” For further information on these credits, click here.

- Eric Wilson

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