Alliance to Save Energy Commends the House Ways and Means Committee for Endorsing Energy Efficiency Incentives
Alliance to Save Energy applauds the energy efficiency provisions included in the 'Energy Policy Act of 2001' set to go before the Ways and Means Committee today.
"This is a great component of national energy legislation," says Alliance President David M. Nemtzow. "Tax incentives for highly efficient homes, buildings and products will help the U.S. improve its energy efficiency and lessen energy bills for families and businesses, reduce pollution and greenhouse gas emissions, and curb growing oil demand. The Alliance is very pleased that the Ways and Means Committee leadership is promoting energy efficiency."
Part of this legislation includes tax incentives for highly efficient new homes, appliances, upgrades of existing homes, commercial buildings, fuel cells, and other efficiency-related provisions. These provisions will help encourage manufacturers and homebuilders to build and sell high-performance products, and encourage consumers to buy them.
- New Homes: A tax credit of up to $2,000 for highly efficient homes that are at least 30% above code will help accelerate the adoption of energy-efficient building practices and help lower housing costs for American families.
- Existing Homes Upgrades: A tax credit of up to $2,000 for 20 percent of the cost of qualifying upgrades in existing homes will save energy and lessen household utility bills.
- Commercial Buildings: A tax deduction of $2.25 per square foot for investment in commercial buildings and multifamily residences will help reduce peak electricity demand.
- Appliances: A tax credit of $50-100 for highly efficient clothes washers and refrigerators will help save energy, water and cut utility bills. Additionally, the legislation includes important provisions promoting the efficiency of combined heat and power systems, fuel cells, and hybrid gasoline-electric vehicles. Any comprehensive energy legislation must include strong fuel efficiency standards, appropriate funding for energy efficiency programs, meaningful appliance standards, a national public benefit fund, and tax incentives for highly efficient products.