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Corporations Should Start Implementing Energy Efficient Incentive Programs

Incentives for energy efficient programs for enterprises have risen as the drive to reduce traditional energy use to curtail greenhouse gas emissions have increased. These government incentives are likewise useful for companies to be able to improve building efficiency, install combined heat and power systems, install on-site sources of energy, and purchase vehicles running on ‘clean energy’.

Buildings which are occupied between 2006 and 2013 that would undergo steps to reduce energy costs in building envelope, heating, water heating, cooling, and lighting systems can avail of tax deduction.

This energy efficient incentive has very stringent requirements and specifies that a minimum of 50% or more of the annual projected energy costs across those components must be met before tax deduction. Tax deduction will be at .80 per square foot. Lesser deductions will be given to building owners and operators who save on individual components as opposed to that which is combined. Companies that install a combined heat and power system until the end of 2016 will benefit from energy-efficient incentive. Upon its full operation, a 10% investment tax credit may be taken which is applicable to the first 15MW of property owned.

To avail of this incentive program for energy efficiency, there are very detailed qualifications. To be 60% efficient, the system must produce at least 20% thermal energy and 20% as electricity. Any qualifying business may take a grant within 2009 or 2010 instead of the tax credit.

Companies that buy heavy-duty hybrid vehicles ranging up to ,000 for a vehicle over 26,000 lbs will benefit from energy-efficient incentive tax credits. These incentives include passenger vehicles and commercial products.

In lieu of the investment tax credit, business owners who implement renewable generation alternatives can take a form of grant from the US Treasury within 2009 or 2010. Such is equivalent to up to 30% of the installation cost of the whole system. Such installations could include solar based, geothermal heat pump based, or wind-based.

Solar systems should be capable of generating cool or heat supplied water or electricity or light up a room through the use of energy from sunlight in order to be eligible for the grant. To benefit from 30% incentive that will be deductible against tax liability, companies can install wind turbines which are not more than 100kW of ‘nameplate’ capacity.

Aside from those mentioned, there are more additional energy efficient incentive schemes that are available for companies. These incentives are related to the ‘economic stimulus legislation’ which is the initiative of the Obama administration. For the full details of the options available for your business, you may check with your tax and financial advisers.

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