| Icynene® helps homeowners go green (and save some green) by qualifying for federal tax credits Most Americans (82%) believe that climate change is a reality, according to a poll by Opinion Dynamics / Fox News in January 2007. To address growing concerns about energy conservation and global warming, the federal government introduced a tax credit as part of The Energy Policy Act of 2005. Effective January 1, 2006 through December 31, 2007, tax credits are available for many types of energy efficient home improvements. US homeowners are encouraged to upgrade their homes and make a difference – for the sake of the planet and their pocket books! How it works Under the two-year program, tax credits are available for home improvements including insulation systems that reduce heat loss/gain, replacement windows, and certain high efficiency heating and cooling equipment. A tax credit can provide significant savings, reducing the amount of income tax a homeowner has to pay. Unlike a deduction, which reduces the amount of income subject to tax, a tax credit directly reduces the tax itself. The final rules and forms to clarify which products and services qualify for the tax credits are developed by The Internal Revenue Service (IRS). Homeowners must refer to the final IRS rules to determine what qualifies for the tax credit (see IRS Notice 2006-26). The reality is that today's buildings consume more energy than any other sector of the U.S. economy, including transportation and industry. And every time we use energy from fossil fuels such as coal, oil and gas, greenhouse gas emissions are produced. Innovative, energy-efficient building technologies will enable tomorrow's buildings to use significantly less energy – and help to meet national goals for sustainable development, environmental protection, and energy security (Source: U.S. Department of Energy). By air-sealing to consume less energy, homeowners can help reduce the production of the greenhouse gas emissions that contribute to climate change. One product that is helping homeowners save the planet – one shrunken energy bill at a time – is Icynene®. Ideal for new and existing homes, Icynene® is a soft spray foam insulation and air barrier material that protects against the harmful effects of air leakage. 100% water-blown and environmentally-friendly, Icynene® can deliver: |
|
Installing Icynene® as part of an energy improvement upgrade of your existing home can help you qualify for a federal tax credit. By upgrading a home's insulation, homeowners can qualify for up to $500 during the two-year period of the federal tax credit. For insulation to qualify, its primary purpose must be to insulate (e.g., vapor retarders are covered, siding does not qualify). If the upgraded insulation meets 2000 IECC & Amendments, the tax credit is worth 10% of the cost, up to $500 (subject to a $500 maximum per homeowner for all improvements combined.) For more about the benefits of air-sealing, visit www.insulationsmart.com. |