Information on Tax Incentives and Rebates for Energy Efficiency Upgrades
Heating and Air Conditioning Units, Insulation, and Windows and Doors
You can get up to a $500.00 tax credit, which is different from a tax deduction. A tax credit works like a gift card toward your taxes. HEP will fill out all the paperwork, all you have to do is claim it on your tax return.
Heating and Air Conditioning Units
HEP offers a $1000.00 trade in for your old unit, and you can get up to a $1200.00 manufacturer’s rebate. You can also get a $250.00 rebate for central air conditioners, $250.00 for air source heat pumps, or $150.00 for gas furnaces. All in all, for new central heat and air, you can get $4150.00 in savings. If you combine that with financing, there is absolutely no reason not to get a new air conditioning unit if it has any age to it at all!
Solar Panels
Businesses can receive up to $60,000 toward changing their power source to Photovoltaics (solar power). Visit http://solar.tennessee.edu. It is a rebate which you will receive after the first 200 kW of solar power you produce. You can also get a grant for 40% of the total cost (min. 5,000, max. 75,000) for other renewable energy sources (solar water heat, photovoltaics, wind, solar hybrid lighting, fuel cells using renewable fuels).
TVA will purchase all the power generated by both businesses and residents at a premium of 12¢ per kilowatt hour. The money will be deducted from your utility bill, and if you produce more electricity than you use, then payment will be received either monthly or annually, depending on the power company.
