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The demand for energy efficient residential and commercial property developments is constantly growing. Many buyers share the fact that they are willing to pay more for property that comes with self-sustainability and energy efficiency features.
This high demand is turning into one of the reasons for many investors and construction companies to tackle green building projects. The availability of additional stimuli like financial incentives and green building tax deduction options is also contributing to a high interest in this real estate sector.
Several kinds of incentives are available for green buildings. This article will present some of the most popular possibilities.
Federal Grants
Various kinds of federal grants are available for the execution of green building projects.
A lot of information about all of the currently available grants can be found at grants.gov. The website contains a lot of information about grants and the application procedure for each one of those. The application can take place online after the website’s registration process is completed.
Various kinds of grants are available for green building projects. The Green and Healthy Homes and Technical Studies Program, as well as the Assisted Housing Stability and Stability and Green Retrofit are just two of the grant options.
Federal Tax Incentives
A green building tax deduction and tax incentive possibilities also exist for the execution of environment-friendly real estate projects.
Tax incentives and tax deductions are available for various types of energy efficiency property improvements. Building envelope modifications, the installation of modern HVAC systems and the use of solar equipment will all qualify projects for tax incentives or deductions. Various other property improvement possibilities exist, granting access to this kind of financial incentive.
A lot of information about available incentives and tax cuts is available through the Database of State Incentives for Renewables and Efficiency (DSIRE). The website provides a comprehensive catalogue of national, state and regional stimuli that entities interested in the construction of green buildings or the renovation of existing buildings will benefit from.
Additional Information
More and more states are starting to introduce green building tax deduction policies. Maryland and New York are just two examples of such states. The website of the United States Environmental Protection Agency contains a lot of information about the available options and the manner in which you could classify for these tax breaks.
Make sure that you have a really good idea about what constitutes a green building project and about the amount of money you will need to spend on it. When the project is drafted intelligently, its execution will be only slightly more expensive than traditional construction. Preliminary planning is the key to making the most of a green building project, whether you decide to apply for a grant (or another financial incentive) or not.
Keep in mind that the Environmental Protection Agency is yet to come up with its green building certification program. The Energy Star label is currently being used to assess developments and test the energy efficiency of the buildings. Do your homework in advance, if you want to make the most of a green building tax deduction and the execution of such a real estate project.
Steve Nanos
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