Tax time is just weeks away. If you’ve made energy efficient changes this year or forgot to claim some from 2015, you could be saving more money this year on your tax return. Nipper Electric has been providing the best in energy efficient and green technology in the Virginia Beach, VA for 25+ years. Some of our green technology services include:
- Electric Vehicle Charging Stations
- Lighting Retrofit Installations
- Solar Energy Panel Installations
- Solar Energy Security Lighting
- Generator Installations
To better serve you, we’ve provided a quick rundown of just a few of the energy tax credits you might be missing out on.
1) Residential Energy Efficiency Tax Credit- This tax credit is for energy efficient improvements on existing homes. It includes the following improvements:
- Insulation Materials
- Windows and Doors
- Water-Heating Equipment
Can be used for improvements made from 2011–2016, if the deduction has not already been taken.
Maximum Total Savings: $500
2) Net Metering- Did you know you can actually claim a credit on the solar power you produce? Net metering is available to Virginia residents on a first-come basis up until 1% of the electric companies energy peak load has been met. It is not available to municipal utility consumers. Nipper Electric regularly installs solar power panels that save our customers money all year round.
Maximum Total Savings: Varies (estimated savings for Solar Power in Virginia, including solar loans)
3) Section 179D or EPAct- This particular credit gives owners the opportunity to receive accelerated tax deductions for the cost of any energy efficient retrofit lighting project.
Manufacturing companies, distribution centers, and other commercial buildings are all eligible for this tax credit.
Maximum Total Savings: Most companies find that they can save approximately $.60 a square foot on this deduction.
4) Residential Renewable Energy Tax Credit-
People who have added renewable energy technologies can receive a tax credit of up to 30% of costs for the additions. Eligible renewable technologies include:
- Fuel Cells
- Solar Water Heat
- Solar Photovoltaic Panels
- Residential Wind Turbines
- Geothermal Heat Pumps
Maximum Total Savings: Up to 30% of Costs for Additions
5) Exemptions for Solar Energy Equipment and Recycling Equipment- The state of Virginia allows the option for cities, towns, and counties to exempt their solar energy equipment from their local property taxes.
You must first have the equipment inspected and certified professionally to get a concrete value of the equipment.
Systems included in the tax exemption include:
- Solar Photovoltaic Panels
- Solar Thermal Heating
- Storage for Solar Energy
Maximum Total Savings: Dependent on the Value of the Equipment
6) Electric Vehicles- If you have purchased a new electric vehicle after 2009, you could be eligible for a tax credit. To get the credit, the electric vehicle must be brand new, have four wheels or more, have a weight rating of lower than 14, 000 lbs, and an electric motor that utilizes a rechargeable battery for a minimum of 4 kilowatt-hours.
Companies that have Electrical Vehicle Charging Stations (or EVs) installed can also save 30% of the installation costs.
Maximum Total Savings: From $2,500 to $7,500 for the car and up to $30,00 for businesses who install EVs.
Using energy efficient technology can save you a bundle on your tax returns. Nipper Electric loves working with green technology and energy efficient equipment. If you have any questions about energy efficient and green technology, call us today at 757-842-1710 or make an appointment online. We’ll make sure you’re ready to save money all year long with energy efficient electrical systems and lighting.