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Financial assistance
One of the most common hurdles in taking the Whole House Approach to Energy Savings is that the customer just doesn't have the cash on hand to implement a whole house scope of work. That's why an innovative approach to financing this work is so important. New Buffalo Impact has years of experience in putting together financing from various sources to get the job done - a job that in other hands might never get done.
We have financial packaging options available for homeowners of every income level, even including those who fall below the federal poverty lines. Some of these options include:
- Energy Star Financing - A low interest unsecured loan, which can be taken out on a 10 year term for super low monthly payments.
- Energy $mart Financing - Like to deal with your local bank instead? They're most likely a participating Energy $mart lender, with extra low rates for New Buffalo Impact customers.
Homeowner Financing Incentive - You can get a 10% rebate on any work that's recommended by a Comprehensive Home Performance Assessment, should you choose not to do any borrowing.
Assisted Home Performance Grants - If you are a low-to-moderate income homeowner, New York's Home Performance with Energy Star program will grant you 50% of the cost of the scope of work up to $5,000. That's money you never have to pay back.
Low Income Programs - For families that fall below 60% of state median income, New Buffalo Impact can offer a free appliance and lighting replacement program, and a referral program with your local Weatherization Assistance Program.
Tax Credit for Energy-Efficiency Home Improvements
A tax credit can provide significant savings. It reduces the amount of income tax you have to pay. Unlike a deduction, which reduces the amount of income subject to tax, a tax credit directly reduces the tax itself.
Federal Tax Credits for Energy Efficiency On October 3, 2008. President Bush signed into law the "Emergency Economic Stabilization Act of 2008" which included an extension of the residential tax credits (which had been in effect in 2006 and 2007) for energy efficient improvements. The previous tax credit expired at the end of 2007. The extension is for improvements made January 1–December 31, 2009. Improvements made in 2008 are not eligible for a tax credit.
Home Improvements
Home Improvement tax credits are available for home improvements "placed in service" from January 1, 2009 through December 31, 2009. Any qualified home improvements made in 2008, are not eligible for the tax credit.
Tax credits are available for insulation, replacement windows, water heaters, and certain high efficiency heating and cooling equipment is $500 during the three year period of the tax credit (2006, 2007 & 2009).
If you are building a new home, you do not qualify for the tax credits for "eligible building envelope components" (windows, doors, insulation, roofs) or "qualified energy property" (HVAC & non-solar water heaters). However, the tax credit for photo voltaics, solar water heating, and fuel cells is available for homeowners building new homes.
New Buffalo Impact 34 Peuquet Pkwy Tonawanda, NY 14150 (716) 881-1477 (716) 694-8109 fax
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