State energy-efficiency credits available now
July 9, 2008 at 11:48 am by Thomas Wheatley in NewsState tax credits for a variety of energy-efficiency improvements and installations on homes and businesses are now available. The eligibility criteria is available for viewing at the Georgia Environmental Facilities Authority’s website.
The perks cap out at $2.5 million each year and will be pro-rated among the applicants. The credits sprang from HB 670, a piece of legislation that Pam Davidson, one of the Republican candidates for the Public Service Comission, helped push through the notoriously un-progressive General Assembly this past session.
Here are some facts from a GEFA press release.
Consistent with Governor Perdue’s commitment to the Conserve Georgia campaign and the Governor’s Energy Challenge, the tax credit creates an income tax credit for a variety of energy efficient and renewable energy technologies including:
- Active solar space heating;
- Solar electric and solar thermal electric;
- Wind;
- Certain bio-electricity facilities (non-residential only);
- Geothermal heat pumps;
- Efficient lighting (non-residential only); and
- Energy efficient buildings (non-residential only).
“The Georgia Clean Energy Property Tax Credit is part of our state’s investment in a clean energy future,” said Chris Clark, executive director of the Georgia Environmental Facilities Authority (GEFA). “This incentive will accelerate Georgians’ adoption of energy efficient technologies and will help them to meet the Governor’s Energy Challenge.”
Most credits are capped at 35 percent of the cost of the property or a certain dollar amount established by the statute. There are different credit limits for residential and non-residential installations. The bill also provides tax credits for wood residuals delivered to qualified renewable biomass facilities. The Georgia Forestry Commission will establish the value of the biomass credits.
A total of $2.5 million in tax credits are available each calendar year from 2008 to 2012. The Department of Revenue will provide quarterly updates about the amount of available credits via its website – www.dor.ga.gov. GEFA will provide annual reports on the energy and economic benefits of the tax credit.
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