President Bush signed into law the Energy Policy Act of 2005, providing over $14.5 billion in tax breaks for businesses and consumers. According to Mark Luscombe, principal federal tax analyst at CCH, “The bulk of the tax benefits will go to energy-related businesses and commercial users of energy, but homeowners, home purchasers, car buyers and consumers in general stand to benefit as well, either through tax credits or through the greater availability and affordability of energy-efficient homes and appliances.”
Consumers who purchase energy-efficient cars, trucks, and sport utility vehicles may qualify for two new credits, an $1,600 tax credit for energy-efficient vehicles and an additional "conservation credit" of up to $1,000. The credits won't be available until 2005, so consumers planning on buying hybrid cars might want to hold off on their purchase until after the new year.
If you are buying or remodeling your home, you might be interested in a new tax credit for installing solar heating equipment. The tax credit is worth 30% of the cost of installing solar heating or photovoltaic equipment, up to a maximum tax credit of $2,000.
Additional information about the Energy Policy Act of 2005 can be found at the following sources:
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