Tax credits are for 2009 and for over 75% efficiency.

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webbie

Seasoned Moderator
Nov 17, 2005
12,165
Western Mass.
----Press Release below-------not sure how they will calculate the efficiency, but my guess is that testing will be required, not just guessing!

$300 Tax Credit for Purchase of 75% Efficient Wood & Pellet Stoves
New Legislation Includes Credit for Homeowners

Arlington, VA – October 8, 2008: Last week, President Bush signed the economic rescue legislation (H.R. 1424), that includes a $300 tax credit to consumers who purchase a 75%-efficient wood- or pellet-burning stove in 2009. The Hearth, Patio & Barbecue Association (HPBA), in conjunction with the Pellet Fuels Institute (PFI), succeeded in including the tax credit to help consumers fight rising home heating costs in the Energy Tax Extenders bill that was attached to H.R.1424.

HPBA and PFI have worked to educate elected officials and their staffs on the benefits and energy efficiency of wood and pellet stoves. These efforts paid-off. As the cost of heating oil and natural gas rise, this $300 tax credit for the purchase of a wood or pellet stove in 2009 will help consumers save on energy costs.

"This is a huge victory for our industry and consumers," said Jack Goldman, president of HPBA. "It is a good example of how the industry can work in Washington and on a grassroots level and help pass good legislation. With the rise in home heating prices, this tax credit will help alleviate some of the initial cost for those consumers wanting to purchase a 75%-efficient wood or pellet stove next year."

The Hearth, Patio & Barbecue Association (HPBA), based in Arlington, VA, is the North American industry association for manufacturers, retailers, distributors, representatives, service firms and allied associates for all types of hearth, barbecue and patio appliances, fuels and accessories.
The Pellet Fuels Institute (PFI), also based in Arlington, VA, is a trade association that represents the fuel preparation and clean-burning technology of renewable biomass energy sources.
 
This is great news! Bummer that I just bought mine. Maybe they can extend small smaller credits to anyone already owning and using biomass stoves.
 
question,is this a different tax credit then a previous post, that person wrote the tax credit would be good for 2008 installs, just wondering
 
wondering the same....hope it will benefit all of us that got our stoves this year............
 
I have a deposit on a Lopi Yankee Bay which has a planned install date of 1/6/09. I guess if it comes in early I'll hold off on the install in order to get the credit.
 
swimman said:
I have a deposit on a Lopi Yankee Bay which has a planned install date of 1/6/09. I guess if it comes in early I'll hold off on the install in order to get the credit.


same boat here-- 1/15 rough install date --but $300 credit= extra ton to burn plus!
 
The government will save ALOT with this......MANY have already bought stoves.....AND if prices are way down by next year.....MANY will not even think of a pellet or wood stove and go with oil. Its a vicious cycle....I bought mine in Jan. 08.....but if oil drops way way down....I will burn pellets much less than oil....its an economic thing. I'll still burn pellets for the ambiance in the winter etc....but the work of it all wouldnt be worth it for my main source of heat.
 
Even if oil drops lower than it currently is I'll burn pellets even if it costs a little more. No, I am not rich nor to I have more money than brains. If I can keep my money locally, or even regionally I will do it. I don't know about you folks but frankly I have had enough of OIL and the politics and economies which revolve around it. Change starts at home so thats where I can make a difference. I am simply tired of being bled for money. If I choose to pay more at least its a choice that I can take responsibility for. $300 bucks tax credit is at least a start in the right direction.
 
Gumbo said:
Even if oil drops lower than it currently is I'll burn pellets even if it costs a little more. No, I am not rich nor to I have more money than brains. If I can keep my money locally, or even regionally I will do it. I don't know about you folks but frankly I have had enough of OIL and the politics and economies which revolve around it. Change starts at home so thats where I can make a difference. I am simply tired of being bled for money. If I choose to pay more at least its a choice that I can take responsibility for. $300 bucks tax credit is at least a start in the right direction.

I agree w/ you 100% Gumbo.....we have to take a stand sometime. If I decide to spend a little more for pellets, at least I know most, if not all, of my $$ is going to Americans for an American product.
 
Basically oil and pellets break even @~$2.25 gal and I just paid $3.46. Even if its even I will still use pellets - I am from MA and just purchase my pellets from a Maine supplier. Essentially the trickle down effect, except my $ is trickeling to some nice American people in Maine and not someone who's mission is to dismantle the US. I also look at the distribution of the fuel source and see less fuel being used to process and deliver the product.

Win - Win in my book.
 
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