Incentives for Home Energy Upgrades
HomeFree Nevada - Retrofit Rebate
As a part of its American Recovery and Reinvestment Act-funded program,
HomeFree Nevada will provide up to $1000 (as funds are available) for an energy
audit and completed energy retrofits. The homeowner will be obligated to spend
$1000 out of pocket for the audit and retrofit work. Work must be done by a
qualified home performance contracting firms that install the energy retrofit
measures described in a HomeFree Nevada Audit Report and listed in a scope o
work. The installation of these measures must be to HomeFree Nevada program
standards for residents in Clark County. Homeowners may choose other options to
complete the retrofit work, but will not be eligible for the matching retrofit
rebate unless using a contractor on the HomeFree Nevada approved list (see Home
Performance Contractors above). Upon completion of the retrofit work, the
energy auditor will perform post installation tests to verify the work is
complete and process the rebate. This final testing will normally be performed
on the day the contractor finishes the work. All test outs must be performed
independent of the Contractor that performed the retrofit work. Work must be
completed within 30 days. Check homefreenevada.org for program kickoff date.
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Tax Credits
Residential Energy Efficiency Tax Credit
The credit applies to energy efficiency improvements in the building envelope
of existing homes and for the purchase of high-efficiency heating, cooling and
water-heating equipment to a maximum of $1,500 for equipment purchased during
the two-year period of 2009 and 2010.
- Building Envelope Improvements - Tax credit worth 30% of the cost of
upgrading the efficiency of the building's envelope. Installation (labor) costs
are not included. Eligible improvements are insulation, doors, windows, and
eligible cool roofs.
- Heating, Cooling and Water-Heating Equipment - Tax credit worth 30%
of the system cost, including labor costs. The credit may also be applied to
labor costs for assembly and original installation of eligible property
Residential Renewable Energy Tax Credit
30% of the cost of renewable energy systems including solar-electric, solar
water heaters, wind turbines, and geothermal heat pumps. Credit for fuel cells
is $500 per 0.5 kW.
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NV Energy Rebates
Cool Share – Receive a web-programmable thermostat and NV Energy
will cycle your air conditioning during peak hours, which can reduce your bill
by 20% http://www.coolshareprogram.com/
Solar Generations – incentives for installing a photovoltaic
system, now allocated by lottery. Bookmark this page to find out when the
program will be available:
http://www.nvenergy.com/renewablesenvironment/renewablegenerations/solargen/
, 1-866-786-3823
Efficient Pool Pump Rebates - NV Energy usually gives rebates on
energy-efficient residential pool pumps each year. Last year's rebates were:
Variable-speed pumps: $300, Seasonal Timers: $75, Calibration
Reports: $100. Replace your single-speed pump and save up to 70-80% on
electrical costs.
http://www.nvenergy.com/saveenergy/home/rebates/poolpumps.cfm,
702-402-1111.
Air Conditioning Rebates - replace your old air conditioner with a more
efficient system (14.5 SEER or higher) for a cash incentive ranging from
$140-$1,125 . The new system you may lower your energy bill as much as 20%.
http://www.nvenergy.com/saveenergy/home/rebates/airconditioning.cfm.
Free AC Tuneup – AC Tuneups and duct seals are available during
cooling season. Check NVEnergy.com for
current availability.
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Southwest Gas Rebates
Nevada Residential Energy-Efficient Consumer Products Rebate Program
– Residential customers in Nevada may be eligible to receive rebates on
the purchase and installation of NEW high-efficiency natural gas water heaters,
clothes washers, natural gas clothes dryers, programmable thermostats, and
smart low-flow showerheads. Visit
http://www.swgas.com/efficiency/nv/residential_equipment.php
Nevada "Smarter Greener Better" Solar Water Heating Program -
Provides rebates to Nevada customers for the purchase and installation of solar
thermal water heating systems (solar thermal system) when installed in
conjunction with a natural gas water heater. Call 1-855-743-1603 or visit
www.solarwaterheatingrebate.com
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Federal Appliance Rebates
As part of the economic stimulus plan, the federal government has allocated
$300 million for the Cash for Appliances rebate program. This program will
allow Nevada residents to receive rebates when they purchase energy efficient
appliances after April 17, 2010. The rebates will be available to Nevada
residents who replace a used appliance with an Energy Star qualified
refrigerator ($200), freezer ($150), washing machine ($150) or dishwasher
($100) from a Nevada retailer. There will be a mail-in rebate available at
participating retailers and online.
Customers must purchase from participating retailers. These retailers must
deliver new appliances to consumers and pick up old appliances for recycling.
Proof of haul away will be provided to customer. More information is available
at http://www.energy.nv.gov/recovery/Grants_ApplianceRebate.htm
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Mortgages
Conventional Energy Efficient Mortgages - Private lenders sell loans to
Fannie Mae and Freddie Mac, which in turn allow home buyers with conventional
mortgages to borrow up to 15% of an existing home’s appraised value for
improvements as documented by a home energy rating.
- Fannie Mae also lends up to 5% for Energy Star new homes. Fannie Mae
EEMs allow lenders to adjust borrowers’ debt-to-income ratio by 2%. The
value of the improvements is immediately added to the total appraised value of
the home.
- Freddie Mac EEMs allow lenders to increase the borrower’s
income by a dollar amount equal to the estimated energy savings. Any energy
efficiency improvements can qualify, and these mortgages can be combined with
both fixed-rate and adjustable-rate mortgages. Borrowers should apply directly
to the lender.
http://www.resnet.us/ratings/mortgages/freddiemac/summary.htm
Energy Efficient FHA Loans - The Energy Efficient Mortgage Loan program
helps homeowners significantly lower their monthly utility bills by enabling
them to incorporate the cost of adding energy efficient improvements into their
new home or existing housing. This FHA program eliminates the need to take out
an additional mortgage loan to cover the cost of the energy efficiency
improvements. Energy Efficient Mortgages can be included in a borrower's
mortgage if their total cost is less than the energy costs that will be saved
during the improvements' useful life. The maximum amount of the portion of an
energy efficient mortgage allowed for energy improvements is now the lesser of
5% of:
- The value of the property,
- 15% of the median area price of a single-family dwelling, or 150% of the
Freddie Mac conforming loan limit
An energy rating is required, and up to $200 of the cost of the audit can be
included in the financing.http://www.fha.com/energy_efficient.cfm
FHA Streamline 203(k) – an FHA loan for homeowners with an
existing FHA mortgage, to modify or improve the home. Loan amount is
$5,000-$35,000. This amount is added to your mortgage for weatherizing your
home, removing lead paint and many other home improvements that don’t
involve major alterations of the home.
http://www.fha.com/fha_article.cfm?id=27
Department of Veterans Affairs (VA) Energy Efficient Mortgages - The VA
insures EEMs to be used in conjunction with VA loans either for the purchase of
existing homes or for refinancing loans secured by the dwelling. Homebuyers may
borrow up to $3,000 if only documentation of improvement costs or contractor
bids is submitted, or up to $6,000 if the projected energy savings are greater
than the increase in mortgage payments. An energy rating is required.
http://www.homeloans.va.gov/elig2.htm
VA Energy Efficient Mortgage – – Allows eligible veterans to finance
a new home and add energy efficiency improvements, or improve an existing home.
The mortgage amount may be increased as a result of making energy efficiency
improvements such as: Solar or conventional heating/cooling systems, water
heaters, insulation, weather-stripping/caulking, and storm windows/doors. Other
energy related improvements may also be considered. The mortgage may be
increased by:
- up to $3,000 based solely on the documented costs; or
- up to $6,000 provided the increase in monthly mortgage payment does not
exceed the likely reduction in monthly utility costs; or,
- 1. more than $6,000 subject to a value determination by VA.
http://www.resnet.us/lender/lhandbook/va_26-7.htm
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Home Star ("Cash for Caulkers")
This newly proposed program will give homeowners up to $8000 for energy
efficiency and weatherization improvements. The program has passed in the House
and is now in the Senate. The best information available is to Google Home
Star. |
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