The economic bailout package contains an assortment of benefits for consumers.
There are several new or extended tax credits to promote reduced energy use or alternative energy.
The law extends for eight years a 30 percent tax credit for homeowners who put solar panels on their roofs. Previously, the maximum credit was $2,000; that limit is removed, so that a homeowner installing a typical $20,000 system would be able to claim a credit of $6,000. There is also a new 30 percent tax credit for homeowners installing a small wind turbine on their property. Geothermal heat pumps also qualify for a credit.
A tax credit encouraging energy efficiency in existing homes has also been extended for a year. Improvements like installing a biomass stove or an efficient water heater will be eligible. Contractors working on new homes will be eligible for a credit of up to $2,000 if they include highly efficient systems for things like heating and cooling.
The law gives manufacturers of energy-efficient dishwashers, clothes washers and refrigerators a tax credit.
And owners of plug-in electric vehicles will be eligible for a tax credit of up to $7,500 that will start to phase out after 250,000 of the vehicles are sold in the United States. (There are now an estimated 250 plug-in hybrids in the country, most of them converted hybrids like the Prius.)
TARA SIEGEL BERNARD and KATE GALBRAITH. New York Times. (Late Edition (East Coast)). New York, N.Y.: Oct 4, 2008. pg. C.6