The Driller
  • Sign In
  • Create Account
  • Sign Out
  • My Account
  • NEWS
  • CLASSIFIEDS
  • EQUIPMENT
  • SAFETY
  • VIDEOS
  • EDUCATION
  • SOURCEBOOK
  • EVENTS
  • SUBMIT
  • ABOUT
  • SIGN UP
cart
facebook twitter linkedin youtube
  • NEWS
  • Water
  • Geothermal
  • Construction
  • Environmental
  • Mining
  • All Industry News
  • EQUIPMENT
  • Rigs & Heavy Equipment
  • Consumables
  • Pumps
  • Featured Products
  • VIDEOS
  • Newscast
  • Drill Talks
  • Ask Brock
  • Emerging Drillers
  • EDUCATION
  • Drilling Business Insights
  • Reference Desk
  • Sponsored Insights
  • EVENTS
  • Conferences & Demo Days
  • Newscast LIVE
  • SUBMIT
  • Drillers @Work
  • ABOUT
  • Contact
  • Advertise
The Driller
search
cart
facebook twitter linkedin youtube
  • Sign In
  • Create Account
  • Sign Out
  • My Account
The Driller
  • NEWS
    • Water
    • Geothermal
    • Construction
    • Environmental
    • Mining
    • All Industry News
  • CLASSIFIEDS
  • EQUIPMENT
    • Rigs & Heavy Equipment
    • Consumables
    • Pumps
    • Featured Products
  • SAFETY
  • VIDEOS
    • Newscast
    • Drill Talks
    • Ask Brock
    • Emerging Drillers
  • EDUCATION
    • Drilling Business Insights
    • Reference Desk
    • Sponsored Insights
  • SOURCEBOOK
  • EVENTS
    • Conferences & Demo Days
    • Newscast LIVE
  • SUBMIT
    • Drillers @Work
  • ABOUT
    • Contact
    • Advertise
  • SIGN UP
Drilling Industry News

New Law Can Save Consumers Energy, Money, CCH Says

August 31, 2005
National Driller August 2005 e-Newsletter

Consumers should be able to save energy and money, too, if they're in a position to take advantage of provisions of the nation's new energy law, according to CCH INC. (CCH), a provider of tax and accounting information, software and services.

The Energy Policy Act of 2005 provides more than $14.5 billion in tax breaks -- the overwhelming preponderance going to businesses -- over a 10-year period to boost conservation efforts, increase domestic energy production and expand the use of alternative energy sources such as solar, wind, ethanol, bio-mass and clean-coal technology.

But some consumers also will benefit, notes Mark Luscombe, CCH principal federal tax analyst. "The bulk of the tax benefits will go to energy-related businesses and commercial users of energy, but homeowners, home purchasers, car buyers and consumers in general stand to benefit as well, either through tax credits or through the greater availability and affordability of energy-efficient homes and appliances," Luscombe says.

Breaks for Vehicle Buyers

Car buyers can benefit through tax credits for the purchase of a variety of energy-efficient vehicles, not all of which are currently available to the general public. The credit replaces a less generous tax deduction. In addition to familiar hybrid passenger cars and SUVs, the credit also applies to cars and trucks powered by fuel cells, advanced "lean burn" diesel and other alternative power sources.

The size of the credit varies depending on the weight class of the vehicle, its fuel economy and lifetime fuel savings. For example, a hybrid SUV weighing less than 8,500 pounds that is 200 percent as fuel-efficient as a 2002 model would qualify for a credit of $1,600. It also could qualify for an additional "conservation credit" based on projected lifetime fuel savings - up to $1,000 for a lifetime fuel savings of 3,000 gallons or more.

The credits will be available beginning next year and run through 2010 for lean burn vehicles, advanced fuel vehicles and hybrid cars and light trucks. The credit for hybrid medium and heavy trucks ends after 2009. The credit for fuel cell vehicles extends to the end of 2014.

"Buyers should note that purchases made this year will not qualify for these new credits, so buyers should time their purchase accordingly," Luscombe notes.

Credits for Homeowners

Homeowners and homebuyers can benefit in a number of ways from the new law during the next two years.

Homeowners can get a tax credit for 30 percent of the cost of buying and installing residential solar water heating and photovoltaic equipment. The maximum credit is $2,000, and solar water heaters for swimming pools and hot tubs do not qualify.

Homeowners who make energy-efficient improvements to existing homes can qualify for a 10-percent tax credit. Qualifying improvements include such things as insulation, metal roofs coated with heat-reducing pigments and energy-efficient windows, doors and skylights. The maximum credit is $500.

Other items that meet certain criteria qualify for the credit with specific limitations. Some electric and geothermal heat pumps qualify for up to a $300 credit. The credits can be taken on 2006 and 2007 returns, but the total credits for the two years cannot exceed the $500 maximum. "Once again, people wanting to take advantage of the new credits should delay their purchases until 2006," Luscombe warns.

Benefits for Contractors

There also is business tax credit for the construction of new energy efficient homes. Contractors and other suppliers installing energy-efficient heating and cooling appliances and other items in new homes are eligible for a new credit up to either $1,000 or $2,000 per dwelling unit, depending on the degree of energy efficiency. The $1,000 credit is for improvements of 30 percent over the energy consumption by a comparable dwelling unit; $2,000 for a 50-percent improvement. Manufactured homes qualify for the credit but with some additional limitations. Like the credits for homeowners, this credit expires after 2007.

Share This Story

Looking for a reprint of this article?
From high-res PDFs to custom plaques, order your copy today!

Recommended Content

JOIN TODAY
to unlock your recommendations.

Already have an account? Sign In

  • geotechnical drilling rig

    6 Onsite Phrases Environmental Drillers Hate

    Here are six phrases that highlight common frustrations...
    Environmental Monitoring
    By: Jeff Garby
  • Wayne Nash

    Pipe Stuck? Common Causes and Solutions for Drillers

    If you have drilled for any length of time, sooner or...
    World According to Wayne
    By: Wayne Nash
  • submersible pumps, water well pumps

    Selecting and Sizing Submersible Pump Cable

    This article helps pump installers and servicers decide...
    Equipment
    By: Bob Pelikan
You must login or register in order to post a comment.

Report Abusive Comment

Subscribe For Free!
  • eNewsletters
  • Online Registration
  • Subscription Customer Service
  • Manage My Preferences

The Driller Newscast: Coiled Tubing Drilling and the Future of Geothermal

The Driller Newscast: Coiled Tubing Drilling and the Future of Geothermal

The Driller Newscast, Episode 147: Global Geothermal Collaboration at NY-GEO 2025

The Driller Newscast, Episode 147: Global Geothermal Collaboration at NY-GEO 2025

The Driller Newscast: 21st Century Drillers | Part 1 DEMAND

The Driller Newscast: 21st Century Drillers | Part 1 DEMAND

The Driller Newscast: New York Geo Talks 2025 Conference with Hands-on Driller Education

The Driller Newscast: New York Geo Talks 2025 Conference with Hands-on Driller Education

More Videos

Sponsored Content

Sponsored Content is a special paid section where industry companies provide high quality, objective, non-commercial content around topics of interest to the The Driller audience. All Sponsored Content is supplied by the advertising company and any opinions expressed in this article are those of the author and not necessarily reflect the views of The Driller or its parent company, BNP Media. Interested in participating in our Sponsored Content section? Contact your local rep!

close
  • demo of a DM450 drilling rig during a customer factory visit
    Sponsored byGeoprobe

    Built for You: Smarter Drill Rigs, Stronger Support, Bigger Opportunities

Popular Stories

MainPhotoTwoBrothers.jpg

Two Brothers' Journey Through the Drilling Industry

demo of a DM450 drilling rig during a customer factory visit

Built for You: Smarter Drill Rigs, Stronger Support, Bigger Opportunities

AI and Drought Concerns

AI’s Growing Thirst for Water and Power

The Driller Classifieds

COMPRESSORS

EAST WEST MACHINERY & DRILLING IS BUYING AND SELLING AIR COMPRESSORS, AIR BOOSTERS, AIR ENDS & PARTS
Company: East West Machinery

DRILL RIGS

LOOKING FOR LATE MODEL TOPHEADS & DRILLTECH D25'S
Company: Spikes’s Rig Sales

DRILL RIG PARTS

MEETING DRILLERS NEEDS AROUND THE WORLD
Company: East West Machinery

ELEVATORS

SEMCO INC. PIPE ELEVATORS
Company: Semco Inc.

GROUTERS

GROUTING EQUIPMENT - GROUT PUMPS & GROUT HOSE REELS
Company: Geo-Loop Inc.

PUMP HOISTS

SEMCO INC. - BASIC PUMP HOISTS
Company: Semco Inc.

WELL PACKERS

LANSAS PRODUCTS - INFLATABLE WELL PACKERS
Company: Vanderlans Lansas Products

WELL SCREENS

WELL SCREENS & SLOTTED PIPE
Company: Alloy Screen Works

Products

Water Quality Engineering: Physical / Chemical Treatment Processes

Water Quality Engineering: Physical / Chemical Treatment Processes

By carefully explaining both the underlying theory and the underlying mathematics, this text enables readers to fully grasp the fundamentals of physical and chemical treatment processes for water and wastewater.

See More Products

Subscribe to The Driller Newscast

Related Articles

  • Energy, Water Closely Linked, New Report Says

    See More
  • vermont thermal energy bill passes.jpeg

    Vermont's New Law Paves the Way for Expanded Geothermal Drilling and Thermal Energy Networks

    See More
  • “Rig Doctor” Fred McAninch Wants to Save Drillers Money

    See More

Related Products

See More Products
  • drilling.jpg

    Clay Science in Drilling and Drilling Fluids

  • 1119819962.jpg

    Stantec's Water Treatment: Principles and Design, Updated, 3rd Edition

  • fundamentals.jpg

    Fundamentals of Sustainable Drilling Engineering

See More Products
×

Dig deeper into the drilling and water supply industry!

Build your knowledge with The Driller, covering the people, equipment and technologies across drilling markets.

SIGN UP NOW
  • RESOURCES
    • Advertise
    • Contact Us
    • Directories
    • Store
    • Want More
    • Classifieds
  • SIGN UP TODAY
    • Create Account
    • eNewsletters
    • Customer Service
    • Manage Preferences
  • SERVICES
    • Marketing Services
    • Reprints
    • Market Research
    • List Rental
    • Survey/Respondent Access
  • STAY CONNECTED
    • LinkedIn
    • Facebook
    • YouTube
    • X (Twitter)
  • PRIVACY
    • PRIVACY POLICY
    • TERMS & CONDITIONS
    • DO NOT SELL MY PERSONAL INFORMATION
    • PRIVACY REQUEST
    • ACCESSIBILITY

Copyright ©2025. All Rights Reserved BNP Media.

Design, CMS, Hosting & Web Development :: ePublishing

The Driller
search
cart
facebook twitter linkedin youtube
  • Sign In
  • Create Account
  • Sign Out
  • My Account
The Driller
  • NEWS
    • Water
    • Geothermal
    • Construction
    • Environmental
    • Mining
    • All Industry News
  • CLASSIFIEDS
  • EQUIPMENT
    • Rigs & Heavy Equipment
    • Consumables
    • Pumps
    • Featured Products
  • SAFETY
  • VIDEOS
    • Newscast
    • Drill Talks
    • Ask Brock
    • Emerging Drillers
  • EDUCATION
    • Drilling Business Insights
    • Reference Desk
    • Sponsored Insights
  • SOURCEBOOK
  • EVENTS
    • Conferences & Demo Days
    • Newscast LIVE
  • SUBMIT
    • Drillers @Work
  • ABOUT
    • Contact
    • Advertise
  • SIGN UP