Electrification Fact Sheets (& links)
Provided by Transition Sitka thru March 31st
Transition Sitka has compiled five “Electrification Fact Sheets” which will be available to the public at the Electrification Expo on Sat. March 18th.
- For people wanting to know more about any of the five topics, see list below of web links contained in each Fact Sheet.
FACT SHEET #1 – Financing an Electric Vehicle
- EV Tax Credits for NEW Vehicles (purchased 2023 or after) – Tax credit of up to $7,500 available for a “qualified plug-in EV or fuel cell electric vehicle” through 2032. IRS website: New Vehicles and US Dept. of Energy Alternative Fuels Data Center.
- EV Tax Credits for USED Vehicles – Tax credit of 30% of sale price up to $4,000 when purchasing a used electric or fuel cell vehicle from a licensed dealer. IRS website: Used Vehicles and YouTube “Taking Charge: A Guide to Used Electric Vehicles”.
- EV Chargers – “Alternative Fuel Vehicle Refueling Credit” thru 2032 per IRS Inflation Reduction Act.
FACT SHEET #2 – Financing Solar & Battery Storage
- Solar panels have been improving in collection efficiency and decreasing in cost. Although Sitka may not be ideal for solar energy, tax credits may make residential solar OR solar+battery storage installations worth considering locally.
- Before Investing – Canary Media “Ask 10 Questions” and Energy.gov Homeowner’s Guide to Going Solar.
- Federal Solar & Battery Tax Credits – Energy.gov Homeowner’s Guide to the Federal Tax Credit.
- Solar Installations in Sitka – The 2021-22 tech project done by the National Renewable Energy Lab (w/Sitka Electric Dept.) explored potential renewable energy options, including hydropower, wind, solar, geothermal, tidal & wave options. The final report is expected to cover a potential project involving placing solar panels on some municipal buildings. (report to be released).
FACT SHEET #3 – Financing Heat Pumps
- Home Energy Assessment – As a first step, work with a home energy rater to assess your home for the correct heat pump and electrical needs. AK Heat Smart.
- Heat Pump-Related Tax Credits – Making Our Homes More Efficient (credits).
- Heat Pump-Related Rebates – Federal High-Efficiency Electric Home Rebate (HEEHRA) has point-of-sale rebates for low-to-moderate income families. Energy.gov HEEHRA and Re-Wiring America.
- Heat Pump Financial Assistance – two links: AK Heat Smart and Sitka Carbon Offset Fund.
FACT SHEET #4 – Financing Weatherization
- Home Energy Assessment – The first step is a home energy audit. How to do an assessment & what a professional auditor will do (with the aid of more sophisticated equipment) can be found at Energy.gov Home Energy Assessments.
- Weatherization Assistance – ACDC Weatherization Assistance.
- Weatherization-Related Tax Credits & Rebates – Energy.gov Making Our Homes More Efficient (credits) and Making Our Homes More Efficient (rebates) and Re-Wiring America Electrification Rebates.
FACT SHEET #5 – Financing Energy Efficiency (2 pages)
- Home Energy Assessment – A home energy audit is the first step – to look at your entire home, identify problem areas, and prioritize efforts to lower energy bills & improve comfort. Energy.gov Home Energy Assessments.
- Federal Tax Credits – The “Energy Efficient Home Credit” offers an annual aggregated tax credit of up to $1,200 for building envelope components, home energy audits & equipment – IRS Gov Fact Sheet and Energy.gov Making Our Homes More Efficient (tax credits).
- Federal Energy Tax Rebates – HEEHRA provides point-of-sale rebates for low-to-moderate income families. The rebate programs may be unavailable until 2024. Energy.gov (rebate FAQs) and Re-Wiring America.
- EV Tax Credits for New/Used Vehicles & Chargers – IRS.gov New Vehicles or IRS.gov Used Vehicles or IRS.gov Commercial vehicles or US Dept. of Energy.
- Financial Assistance (miscellaneous) – Alaska Housing Finance Corporation (AHFC) provides free weatherization services to low-income homeowners & renters. Alaska Heat Smart in Juneau and the Sitka Carbon Offset Fund, administered through the Sitka Conservation Society, are assisting low-income families with heat pump installation. AK Housing Finance Corp and AK Heat Smart and Sitka Carbon Offset Fund.
- Finding Your “Area Medium Income” – US Dept. of Housing & Urban Dev. (HUD) estimates “area median income” each year for each part of the country (including Sitka). Median income estimates are often used by programs to set income limits for benefits. HUD expects to release FY2023 median incomes around May 15th. Alaska Median incomes for last year are on This Chart.
DISCLAIMER: These materials have been compiled by Transition Sitka, a 501(c)(3) nonprofit organization. The content is general information provided from public sources believed to be reliable. The information provided, including federal and state program details, is subject to change; is not warranted for completeness or accuracy; and does not constitute tax advice.