Have Yourself a Cozy Little Holiday; Stay Warm and Save Money
December 21 2006 - 2:21PM
PR Newswire (US)
The Energy Policy Act Helps Homeowners Offset the Cost of Holiday
Spending by Providing Tax Breaks for Improved Home Energy
Efficiency TOLEDO, Ohio, Dec. 21 /PRNewswire-FirstCall/ --
Homeowners can stay warm this winter and save on energy costs by
taking advantage of the Energy Policy Act (EPAct), which provides
tax credits to homeowners who make energy efficient home
improvements. Despite the wide array of financial incentives
offered through the EPAct, a recent survey conducted by leading
building materials manufacturer Owens Corning (NYSE:OC) found that
85 percent of homeowners don't know about them. The good news?
There's still time to act before the end of 2006 in order to save
money come tax season and offset this year's holiday spending. "By
tuning in to the tax credits available through the EPAct,
homeowners can literally feel the difference -- both in the comfort
of their home and in their wallet," said Lani Macrae of the U.S.
Department of Energy's ENERGY STAR(R) program. "The Act provides
immediate incentives for improvements that pay off year after
year." Through the EPAct, a tax credit of up to $500 is available
to homeowners who make energy efficient home improvements between
January 1, 2006 and December 31, 2007*. In some cases, homeowners
of newly constructed homes have until December 31, 2008 to reap
these benefits. Homeowners who want money back from the taxman in
April 2007 have until the end of the year to make changes. Owens
Corning suggests the following tips for taking advantage of tax
credits and decreasing environmental impact: -- Install additional
insulation in the attic -- Update heating and cooling equipment --
Install energy efficient windows and doors -- Install tankless or
electric pump water heaters "The attic is one of the most
cost-effective and easiest places to insulate, yet only 20 percent
of homes in the United States built before 1980 are insulated to
current energy efficiency standards," said Bill Rossiter, director
of marketing for insulation systems at Owens Corning. "By taking
energy efficient steps now, such as adding insulation to the attic,
homeowners will see immediate savings** on home energy costs and
get money back come April." Ironically, while the survey's findings
revealed most Americans are unaware of the EPAct's benefits, 95
percent agree it's important to save energy and increase our energy
independence, signaling that lack of knowledge, not lack of concern
are the reason so few are capitalizing on the act. * For qualified
energy-efficient improvements, refer to the Energy Policy Act of
2005 and check with your accountant or the IRS for further details
on how to claim your tax credit. ** Savings vary. Find out why in
the seller's fact sheet on R-values. Higher R-values mean greater
insulating power. Energy Star is a registered trademark of the
Environmental Protection Agency. For more tips and information that
help homeowners comply with the EPAct, go to
http://www.owenscorning.com/ . About Owens Corning Owens Corning
(NYSE:OC) is a world leader in building materials systems and
composite solutions. A Fortune 500 company for more than 50 years,
Owens Corning people redefine what is possible each day to deliver
high-quality products and services ranging from insulation,
roofing, siding and manufactured stone veneer, to glass composite
materials used in transportation, electronics, telecommunications
and other high-performance applications. Since the company's
founding in 1938, Owens Corning has become a market-leading
innovator of glass fiber technology with sales of $6.3 billion in
2005 and 20,000 employees in 26 countries. Additional information
is available at http://www.owenscorning.com/ . Media Contact: Media
Contact: Kerry Desberg Chris Grams 419.248.5939 312.729.4364
DATASOURCE: Owens Corning CONTACT: Kerry Desberg, +1-419-248-5939,
or Chris Grams, +1-312-729-4364, both for Owens Corning Web site:
http://www.owenscorning.com/
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