Thursday, February 26, 2009
Although legislators did not know exactly what the American Recovery and Reinvestment Act of 2009 (ARRA) contained before passing it into law, the team at The Longacre Company is leading the region in guiding homeowners toward securing key energy-related tax credits made available through the act. The ARRA combines spending and tax incentives designed to get the American economy moving again by investing in our nation’s road and energy infrastructure, and increasing the energy efficiency and performance of America’s homes and commercial buildings. The new law makes important changes to existing tax incentives for homeowners who make qualified improvements of higher efficiency HVAC and water heating equipment to their primary residences. “The ARRA is certainly an unprecedented piece of legislation and we are pleased that it contains a large number of incentives to make area homes and businesses more energy efficient,” said Steve Longacre, Vice President of The Longacre Company. “Through this act, we are not only able to install energy-efficient appliances that cost less for homeowners to operate, reduce their carbon footprint and help reduce our nation’s dependence on foreign oil; we can also help them put a sizeable roll of cash back in their pocket.” How much cash? According to the ARRA, homeowners may be able to claim tax credits equal to 30% of the installed costs (up to $1,500) on qualified home improvements. The new tax credits are retroactive to January 1, 2009, and don’t expire until December 31, 2010. The $1,500 limit applies to all qualified improvements made during the two-year term. Energy-related improvements that The Longacre Company provides include the installation of Electric Air Source Heat Pumps, Central Air Conditioners, Geothermal Heat Pumps, and Natural Gas, Propane and Oil Furnaces, Water Boilers and Water Heaters. “Installed appliances must meet minimum energy-efficiency standards to qualify for the tax credits,” said Longacre. “Our staff works with each customer to ensure that the appliances being installed meet these standards and we provide information to them on how to apply for their tax credits.” The ARRA also removes per-appliance caps and lifetime-limit caps that had been in place. Homeowners that previously claimed similar energy-related tax credits in 2006 or 2007 are still eligible for the full $1,500 limit. Individuals interested in taking advantage of this unique opportunity can contact The Longacre Company on the web at www.longacreco.com or by calling (610) 845-2261.