In the US and Canada, the federal governments along with many states/provinces and local utilities offer tax credits and incentives for the installation of high-efficiency appliances like those offered by Greenwood. These are often immediate cash incentives, available to offset the cost of the purchase and installation of your system.
Natural Resources Canada maintains a searchable database of programs in the Directory of Energy Efficiency and Alternative Energy Programs. This Directory provides information on programs to promote the efficient use or conservation of energy at the end-use level and/or the use of alternative energy in Canada. It covers programs offered by the Government of Canada, provincial and territorial governments, major Canadian municipalities and major electric and gas utilities and companies.
To find programs in your area, please visit NRCan.
The Database for State Incentives for Renewables & Efficiency (DSIRE) provides tools and resources to help you locate programs that you qualify for as a homeowner in the United States.
To find programs in your area, please visit DSIRE.
This tax credit expired at the end of 2014 and is not available for appliances purchased in 2015.
However, as part of the American Taxpayer Relief Act of 2012 (H.R. 8) that Congress passed on January 1, 2013, the expired tax credit on 75% energy-efficient appliances was reinstated. The provision allows US taxpayers to receive a tax credit of up to $300 for the full cost of installation and equipment for biomass heating appliances bought through 2014. Units purchased in 2012 are also eligible for credit. However, if a taxpayer has already claimed a tax credit for purchases made in any previous year, they are ineligible for additional tax credits for any new equipment purchases. The boiler must also be installed in an existing home and principal residence. New construction and rentals do not qualify.
The credit can be claimed using IRS Form 5695, Residential Energy Credits. This new tax credit reduces the amount of tax owed, is non-refundable, and is only available for individuals who pay taxes and make energy-conscious purchases to improve the energy efficiency of their home. Use the official Manufacturer's Certificate to ensure that the purchased product qualifies for the tax credit.
The Internal Revenue Service (IRS) issued the guidelines for determining what stoves meet the efficiency requirements to qualify for the credit. In summary, to qualify a homeowner must:
We encourage you to visit the Hearth, Patio and Barbeque Association (HPBA) website for the latest informtaion on the tax credit. They have compiled an extensive list of frequently asked questions regarding the tax credit.
* Greenwood Clean Energy, Inc. does NOT provide tax advice. Please consult with your tax advisor for eligibility and answers to your specific questions.