Whether you’re interested in the cost savings or the environmental benefits of energy efficiency (or both), chances are energy consumption is on your radar during this election year. Energy policy is an important issue in the upcoming election, with each candidate presenting a different platform for energy efficiency and cost savings. But what do these changes mean for you and your family, and how can you take advantage of current policies to boost energy efficiency in your home?
Presidential Energy Plans
Clinton’s plan focuses on clean energy through improved pollution standards, renewable energy sources, and reduced energy waste. This means more energy options for consumers and incentives for energy efficiency that can benefit homes, schools, and public buildings.
Trump, on the other hand, prioritizes energy independence through job growth and American-based oil, shale, and natural gas reserves. This will reduce the price for consumers, as well as reducing emissions in America.
Each energy plan offers the opportunity of cost savings for homeowners, but these plans will likely take years to implement. Fortunately, there are incentives in place that can help you cut costs now without having to wait for a new plan to go into effect. Here is one way you can keep your costs low now and in the future.
Cut Costs with Energy Efficient Equipment
The best way to reduce your footprint and your energy costs is with energy efficient equipment. Geothermal systems are one of the best options for homeowners looking to save money and the environment. Using renewable ground water as an energy source, geothermal heat pumps can both cool and heat your home without polluting the environment. Additionally, these systems can reduce your energy costs by up to 80%.
Many consumers suffer from sticker shock with geothermal heat pumps, which are often more expensive than their gas or electric counterparts. However, there is a Federal Tax Credit for geothermal equipment that can significantly defray the cost of installing a new system.
This tax credit returns 30% of the cost of the entire system (including labor and parts) to the homeowner, reducing your costs by thousands of dollars. However, this credit doesn’t extend past 2016, so time is running out to take advantage of this high-efficiency benefit for homeowners.
This benefit is a tax credit, not a deduction, so your costs will be cut 30%. There are also state and local incentives, so be sure to investigate the savings in your specific state. Remember: this cost benefit is only available through the end of 2016, so you’re just in time to save on your taxes and dramatically improve the energy efficiency of your home.
With the long-term cost benefits of geothermal heating and cooling equipment, as well as the immediate tax credits for homeowners, this clean, renewable energy system is now more affordable than ever. Are you ready to upgrade your home and cut your carbon footprint?