will homeowners pursue energy tax credits?
The Obama administration has offered unprecedented incentives to U.S. homeowners who install solar energy, wind turbines and efficiency products to save energy. Now through 2010 as part of the economic recovery package, homeowners together can reap billions of dollars in tax credits as an incentive to at least take a second look into green energy technologies.
A recent survey conducted by Opinion Research Corporation concluded that millions of U.S. homeowners intend to take advantage of the generous tax credits offered for energy upgrades in 2009. According to the survey respondents, saving money in general was the primary reason people consider energy efficiency upgrades.
40% of the respondents said monthly savings on their utility bills was the key reason for planning upgrades to save energy. 30% of the respondents stated that energy upgrades would improve the comfort of their home and for those respondents that is why will take advantage of the tax credits this year. Only 13% of the people surveyed said they would be investing into green energy technologies to reduce their carbon footprint. I suppose U.S. consumer care more about the green in their wallet over protecting the environment since saving money is the most important motivator in making a decision in buying energy upgrades.
Even though many of the respondents agreed that the 30% federal tax credit was a great incentive to look into installing green energy this year, a total of 41% said the tax credit would need to exceed 40% of the final purchase price to encourage them to pursue a home energy efficiency upgrade.
In my opinion, the most interesting piece of information reviled by the survey was that 72% of consumers had no idea how to apply for the federal tax credits, state incentives and other rebates offered by local utilities. I think this is our biggest barrier in terms of getting people started with green energy, making the process easier for them so consumers don’t have to think about it.
Currently it seems like the process is too complex which holds back the adoption rate of green energy technologies. If your interested in learning more about tax credits, rebates and other incentives you’ll receive for investing in check out DSIRE, it’s the most up to date database to learn about what is available for you. You can always give us a call, we help consumers figure out how much in incentives they will receive if they invest in green energy.