Tax credits and other money saving programs
The U.S. Department of Energy's Energy Star website contains information on tax credits that can be applied toward your costs of making energy-efficient home improvements. The credits are available to owners who use the house as their primary residence. There is no income cap.
The site lists tax credits that are available for up to 30% of the cost of these energy-efficient improvements, through 2016:
- Geothermal heat pump.
- Solar panels.
- Solar water heater.
- Small wind energy system.
Bloomington homeowners who make energy efficient improvements to their homes may also be eligible for energy rebates that are issued by local power companies.
Click on any of these links for more information:
Consult your tax planner and review all IRS guidelines before making improvements. The City of Bloomington is not a tax advisor.
For information on City electrical, plumbing, mechanical and building permits for this type of home improvement, call the Building and Inspections Division at 952-563-8930.
Fix-up Fund loans available
The Center for Energy and Environment (CEE), a local nonprofit lender, is offering loans to homeowners for qualifying energy-saving improvements.
- The maximum loan amount is $35,000.
- The interest rate (as of March 2013, subject to change) is 4.99 - 6.99%.
- The maximum household income limit is currently $96,500.
To learn more, visit Center for Energy and Environment or call 612-335-5884.
Other money-saving programs
- Consumer Energy Tax Incentives – What the American Recovery and Reinvestment Act Means to You. Visit the Department of Energy's Consumer Energy Tax Incentives page for more information.
- Bloomington’s Housing and Rehabilitation Loan Program – The Bloomington HRA provides home improvement loans to 30-40 low and moderate income homeowners. The maximum loan is $35,000 and do not need to be repaid until recipient sells, transfers title or no longer lives at the home. Visit the HRA's Housing and rehabilitation and neighborhood preservation page for more information.
- Center for Energy and Environment – Residents throughout the state can access low-interest secured and unseccured financing for virtually any home improvement project including energy efficiency specific projects, solar, and geothermal. Visit CEE's Lending Center page for more information.
- Low income options for those that qualify – Amount of assistance depends on weatherization needs. Visit the U.S. Department of Energy's Weatherization Assistance Home Page and follow the steps to apply for assistance.
- Weatherization Assistance Program – Low income family assistance. Homeowners need to meet income eligibility requirements. Once application is approved weatherization work can begin through an approved contractor. Visit the Office of Energy Security's Weatherization Assistance Program page for more information.
- Sustainable Resource Center – Once assistance is obtained you have the option to choose the Sustainable Resource Center who serves the entire metro area. They provide basic home energy diagnostics all the way up to whole house weatherization services. Visit the Sustainable Resource Center's website for more information.
- Join the Minnesota Energy Challenge – Discover new ways to save energy and money, and see how you compare with others. Challenge yourself to take more action to save or join a group or team in your city, business, congregation, school, etc., and use the Energy Challenge to track group achievements and savings. Visit the MN Energy Challenge website for more information.