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"Residential Energy Tax Credit Continues in 2012"

New rules for residential energy tax credits go into effect Jan. 1 SALEM — New permanent rules related to residential energy tax credits go into effect on Jan. 1, 2012.

State Tax Credits for Solar Electric and Solar Water Heating continue in 2012:


SALEM New permanent rules related to residential energy tax credits go into effect on Jan. 1, 2012. A copy of the rules can be found on the Oregon Department of Energy’s website at: http://www.oregon.gov/ENERGY/CONS/Rulemaking2011-RETC.shtml

 

The new rules are a result of House Bill 3672 (2011), which discontinues the State of Oregon tax credits for:

·       Energy-efficient appliances, and

·       Alternative fuel vehicles and vehicle conversion equipment.

 

Items that still qualify for a Residential Energy Tax Credit include:

·       Renewable resources (wind, solar, geothermal systems)

·       High-efficiency furnaces

·       High-efficiency (on-demand or tankless) water heaters

·       Duct sealing

·       Premium-efficiency wood and pellet stoves

·       Heat pumps

·       Ductless mini-split heat pumps

·       Heat/energy recovery

·       Alternative fuel vehicle infrastructure


Amount of Tax Credits:


Solar Electric: For photovoltaic systems installed on or after November 4, 2005, one $6,000 tax credit per year per residence for four years ($1,500 per year) not to exceed 50 percent of the cost of the system as defined in OAR 330-070-0022(4).


Solar Water Heating: $1,500 or the first-year energy yield of the AED in kWh multiplied by 60 cents for AEDs used for solar or geothermal space heating, cooling, or domestic water heating for tax years beginning on or after January 1, 1998. The amount of the credit may not exceed 100 percent of the cost of the system components and their installation.

 
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