FOAMETIX® for Homeowners
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Homes account for 21% of the energy used in the United States each year (Department of Energy, 2006) and average $1,767 in annual energy bills. Heating, cooling and hot water account for 50-70% of energy used in homes (Environmental Protection Agency—www.energystar.gov). According to the Department of Energy, prices for natural gas and electricity will only continue to rise (Department of Energy, 2007), driving new homebuyers to more carefully consider the energy performance of the homes they purchase. In addition, federal, state and local governments are beginning to focus efforts to conserve energy in the residential sector to improve national energy security and reduce our reliance on foreign oil. This will result in changes to building codes to increase the standard of energy performance. For example, Oregon recently proposed changes that will require all new homes built to be 15% more efficiently than the minimum standards of the 2004 International Building Code. New voluntary incentive-based initiatives from the Department of Energy are encouraging homes to be built with HERS (Home Energy Rating System) scores of 70 or better, significantly higher than the Environmental Protection Agency’s Energy Star for New Homes requirements.
Foametix® is a series of spray-applied polyurethane foam insulation systems which are designed for residential, commercial and industrial applications. The liquid polyurethane is sprayed onto surfaces and immediately expands to form an airtight insulation barrier. Foametix® offers numerous quality insulation, roofing, and sound absorption systems depending on your personal needs and budget.
Foametix® reduces the amount of pollutants and allergens that enter the building structure. Rain water is eliminated from entering the attic, reducing the risk of fungal growth and damage to the building materials.
Closed-cell spray foam offers the greatest R-value per inch of all insulation materials and it eliminates air gaps in the building envelope that you experience with conventional insulation. This means better control of moisture, drafts, noise and other environmental effects. You will benefit from lower utility bills for both heating and cooling for the life of your home.
Home Builder Tax Credit
On October 3, 2008, President Bush signed into law the “Emergency Economic Stabilization Act of 2008.” This bill extended tax credits for energy efficient home improvements (windows, doors, roofs, insulation, HVAC, and non-solar water heaters). Tax credits for these residential products, which had expired at the end of 2007, will now be available for improvements made during 2009. However, improvements made during 2008 are not eligible for a tax credit.
Eligible contractors need to fill out IRS Form 8908 to get the tax credit. The IRS has provided the following guidance regarding the tax credits for constructing energy efficient new homes available under the Energy Policy Act of 2005:
IRS Notice 2006–27 provides guidance for the credit for building energy efficient homes other than manufactured homes.
Home builders are eligible for a $2,000 tax credit for a new energy efficient home that achieves 50% energy savings for heating and cooling over the 2004 International Energy Conservation Code (IECC) and supplements. At least 1/5 of the energy savings must come from building envelope improvements.
Spray foam can contribute to projects’ achievement of high levels of energy efficiency using assessment methods, because of the R-value per inch and the air sealing performance characteristics.
These tax credits apply to new homes located in the United States whose construction is substantially completed after August 8, 2005 and that are acquired from the eligible contractor for use as a residence from January 1, 2006 through December 31, 2009.
This information is presented to provide general information on the new federal tax deductions and is not intended to be an interpretation of eligibility for the tax credit. Please consult with a qualified tax advisor to discuss eligibility.
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