We’ve all seen news stories of how the Stimulus Package is bailing out this company or that company but what’s in it for you? Actually there are some real attractive incentives ranging from grants to tax credits.
GRANT MONEY
From its share of the stimulus funds Wisconsin has allocated $141 million to assist in weatherization and energy savings upgrades. Upgrades differ with each home depending on how it was built and its condition. Some common upgrades include:
- Insulate attics, walls and floors
- Insulate or replace water heater
- Install energy efficient lighting
- Reduce air leakage
- Repair or replace furnace
- Test and/or replace refrigerator
- Perform a general heath and safety inspection
- Provide maintenance and energy conservation information
Who is eligible? You may be eligible for weatherization services if:
- Your gross income for the last three months is equal to or less than 200% federal poverty guideline for your family size (see chart below).
- Your dwelling/apartment has not been weatherized before.
- Your household meets certain priorities that may include a high energy burden or use, an elderly or disabled member or a child under six living in the home.
- Remember these are grants and no repayment is required.
| 2009 INCOME GUIDELINES FOR WEATHERIZATION | |||||||||
| Size of Family | 3 Month Income | ||||||||
| 1 | $5,415 | ||||||||
| 2 | $7,285 | ||||||||
| 3 | $9,155 | ||||||||
| 4 | $11,025 | ||||||||
| 5 | $12,895 | ||||||||
| 6 | $14,765 | ||||||||
| 7 | $16,635 | ||||||||
| 8 | $18,505 | ||||||||
| Each Additional | $1,870 | ||||||||
How to apply? Contacting your local Wisconsin Heating Energy Assistance Agency (WHEAP) is the first step in determining your eligibility for weatherization services. Here are the contacts by county:
Weatherization Contacts
PORTAGE COUNTY – Energy Services, Inc.
1308 Main St.
Stevens Point, WI 54481
715-344-5999
WAUPACA COUNTY- Energy Services, Inc.
1300 Royalton St.
Waupaca, WI 54981
715-258-6820
SHAWANO COUNTY - Shawano Cty DSS
607 E. Elizabeth St.
Shawano, WI 54166
715-526-4740
STOCKBRIDGE-MUNSEE
TRIBE Crystal Malone
N8705 Mohheconnuck Rd.
Bowler, WI 54416
715-793-4860
MARATHON COUNTY- Energy Services, Inc.
308 Grand Ave., Ste 101
Wausau, WI 54403
715-842-3111
What if your income is greater than 200% of the federal poverty level? Included in the stimulus package are funds in the form of tax credits for all sorts of home improvements. The tax credits come with no income restrictions and are given for 30% of the project costs with a cap of $1,500. Here are the home improvements that are eligible:
Exterior Windows & Skylights Air Source Heat Pump
Storm Windows New Furnace
Exterior & Storm Doors Central Air Conditioning
Roofing (Metal & Asphalt) Air Circulating Fans
Insulation Biomass Stoves
Boilers Water Heaters
- All of the above must be placed in service after January 1, 2009 and before December 31, 2010.
GEOTHERMAL HEAT PUMPS & RENEWABLE ENERGY
For those of you considering a geothermal heat pump or some sort of renewable electricity there is great news. Those projects are eligible for the 30% tax credit but with no cap and the deadline to be in service is December 31, 2016.
Please note, tax credits are available for only products that operate at the highest efficiency levels and not all will qualify for credits. A Manufacturers Certification Statement is required to receive the credit. Please check with your installer or supplier to determine if your project qualifies.
In addition to the tax credits, you may be eligible to receive a rebate from Focus on Energy or your electric provider. For more information please visit www.focusonenergy.com or contact your electric provider.
Other highlights of the Stimulus Bill include:
First time home buyer tax credit of $8,000.
Federal deduction for sales tax on new automobile purchases.
Tax credits for hybrid cars and fuel cells.
Making Work Pay Credit – For 2009 and 2010, this credit is worth up to $400 to individuals and $800 for married couples filing jointly.
Economic Recovery Payment to Retirees – A one-time federal payment of $250 for retirees, disabled individuals, and SSI recipients (SSA, Railroad Retirement or VA).
Suspension of Taxation of Unemployment Benefits – The first $2,400 of unemployment compensation is excluded from gross income in 2009.
Other tax credit changes include Earned Income, Child Tax and American Opportunity.
Additional tax credit information can be found by searching tax credits at www.energystar.gov.
**This article is for informational purposes and not meant to give tax advice, for that we recommend consulting with a tax adviser.**