It’s not too late for credits and rebates.
As summer kicks into high gear, many people are thinking about the costs of air conditioning their home. With the recent PP&L increase of 13.89 %, many patrons are now primed to review their options. Consumers can visit www.pplelectric.com/choice to view current rates. The rate is composed of two parts: 1) the supply charge, which changes quarterly and 2) the transmission charge, which is reviewed and updated annually on June 1st. The most recent change was a supply charge increase from 6.5 cents to 7.3 cents per kilowatt-hour and a transmission charge increase from .678 cents to .911 cents. To review your options and research changing electric suppliers, visit www.papowerswitch.com. This is an informative website to view all potential electric supplier choices with their respective costs.
If you are thinking about making your home more efficient, keep in mind there are still federal energy credits available to homeowners. The American Tax Payer Relief Act of 2012 extended two energy credits worth noting:
The Nonbusiness Energy Property Credit, which now expires on December 31, 2013, is worth up to $500. The credit is a lifetime credit and limits the amount used toward windows to $200. The credit was first instituted in 2006 and was available every year thereafter with the exception of 2008. The credit is available for items such as water heaters, qualified heating and air conditioning systems, as well as windows and doors.
The Residential Energy Efficient Property Credit awards homeowners a 30% tax credit for installing alternative energy sources and expires December 31, 2016. Examples include solar water heaters, solar electric equipment, and geo thermal heating systems.
Taxpayers should use Form 5695 to claim either of these credits.
In addition to federal energy credits, there are also a wide variety of rebates, credits, and loans available through the state of Pennsylvania. The credits are offered through your electric service provider. A summary of these credits can be found at www.energysavvy.com/rebates/PA. Depending on your electric provider, you can obtain a rebate of between $150 and $400 for high efficiency heating and air conditioning units.