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1 1) FEDERAL Energy Efficiency Tax Credit Source (1/7/2013): Note: This tax credit expired at the end of The American Taxpayer Relief Act of 2012 retroactively renewed this tax credit effective January 1, 2012, expiring again on December 31, Any qualified equipment installed in 2012 or 2013 is eligible for this credit. As in previous years, the cumulative maximum amount of tax credit that can be claimed by a taxpayer in all years combined is $500. If a taxpayer has already claimed a tax credit of $500 for purchases made in any previous year, they are ineligible for additional tax credits for any new equipment purchases. Efficiency Amount: Federal Personal Tax Credit Water Heaters, Furnaces, Boilers, Heat pumps, Central Air conditioners, Building Insulation, Windows, Roofs, Circulating fans used in a qualifying furnace Biomass, Stoves that use qualified biomass fuel Purchases made in 2011, 2012, or 2013: Varies (see below) For purchases made in 2011, 2012, and 2013: Aggregate amount of credit is limited to $500. Taxpayer is ineligible for this tax credit if this credit has already been claimed by the taxpayer in an amount of $500 in any previous year. For purchases made in 2009 or 2010: Aggregate amount of credit for all technologies placed in service in 2009 and 2010 combined is limited to $1,500 must be new and in compliance with all applicable performance and safety standards as described in tax code Start Date: 1/1/ /31/2013 Web Site: Authority 1: IRS Form 5695 & Instructions: Energy Credits Authority 2: Authority 3: 26 USC 25C 8/8/2005 (subsequently amended) 1/1/ /31/2013 H.R. 8 (American Taxpayer Relief Act of 2012) 01/02/ /02/ /31/2013 P.O. Box 355 Blacksburg, Virginia

2 This credit applies to energy efficiency improvements in the building envelope of existing homes and for the purchase of high-efficiency heating, cooling and water-heating equipment. Efficiency improvements or equipment must serve a dwelling in the United States that is owned and used by the taxpayer as a primary residence. The maximum tax credit for all improvements made in 2011, 2012, and 2013 is $500. The cap includes tax credits for any improvements made in any previous year. If a taxpayer claimed $500 or more of these tax credits in any previous year, any purchases made in 2011, 2012, or 2013 will be ineligible for a tax credit. Building Envelope Improvements Owners of existing homes may receive a tax credit worth 10% of the cost of upgrading the efficiency of the building's envelope. Installation (labor) costs are not included and the credit is capped at $500 for all improvements. To be eligible for the credit, the improvement must meet the prescriptive requirements established for it under the 2009 International Energy Conservation Code (including supplements). The following improvements are eligible for the tax credit: 2 Insulation materials and systems designed to reduce a home's heat loss or gain o requirements based on 2009 IEEC Code for our Climate Zone 4 Region: Exterior doors and windows (including skylights) --- no more than $200 in total credits can be claimed for windows in years details: Pigmented metal roofs designed to reduce heat gain, and asphalt roofs with appropriate cooling granules. Heating, Cooling and Water-Heating Taxpayers who purchase qualified residential energy-efficient property may eligible for a tax credit. The credit is equal to the full cost of the equipment up to the following caps: Advanced main air circulating fan: $50 Natural gas, propane, or oil furnace or hot water boiler with an annual fuel utilization rate of 95 or greater: $150 Electric heat pump water heater with an energy factor of at least 2.0: $300 Electric heat pump which achieves the highest efficiency tier established by the Consortium for Energy Efficiency: $300 Central air conditioner which achieves the highest efficiency tier established by the Consortium for Energy Efficiency: $300 Natural gas, propane, or oil water heater which has either an energy factor of at least 0.82 or a thermal efficiency of at least 90 percent: $300 Biomass stoves that use "plant-derived fuel available on a renewable or recurring basis, including agricultural crops and trees, wood and wood waste and residues (including wood pellets), plants (including aquatic plants), grasses, residues, and fibers": $300 Detailed requirements: Background The Energy Policy Act of 2005 established the tax credit for energy improvements to existing homes. The credit was originally limited to purchases made in 2006 and 2007, with an aggregate cap of $500 for all qualifying purchases made in these two years combined. There were also separate individual caps for the different equipment types. The Energy Improvement and Extension Act of 2008 (H.R. 1424: Div. B, Sec. 302) of 2008 reinstated the credit for 2009 purchases and made other minor adjustments. The American Recovery and Reinvestment Act of 2009 further extended the credit to include improvements made in 2010 and replaced the $500 aggregate cap with a $1,500 aggregate cap for improvements made in 2009 and This credit was again renewed in 2010 for improvements made in 2011, but the credit was reduced to its original form and original cap of $500. This credit was unavailble for purchases made in The American Taxpayer Relief Act of 2012 retroactively renewed this tax credit effective January 1, 2012, expiring again on December 31, 2013.

3 Geothermal heat pumps were originally eligible for this credit, with a $300 cap. However, geothermal heat pumps are now eligible for the residential renewable energy tax credit, with no cap. 3 2) Federal Renewable Energy Tax Credit Federal Amount: 30% System Size: Carryover Provisions: Personal Tax Credit Solar Water Heat, Photovoltaics, Wind, Fuel Cells, Geothermal Heat Pumps, Other Solar- Electric Technologies, Fuel Cells using Renewable Fuels Start Date: 1/1/ /31/2016 Web Site: Authority 1: Solar-electric systems placed in service after 2008: no maximum Solar water heaters placed in service after 2008: no maximum Wind turbines placed in service after 2008: no maximum Geothermal heat pumps placed in service after 2008: no maximum Fuel cells: $500 per 0.5 kw Fuel cells: 0.5 kw minimum Solar water heating property must be certified by SRCC or a comparable entity endorsed by the state where the system is installed. At least half the energy used to heat the dwelling's water must be from solar. Geothermal heat pumps must meet federal Energy Star criteria. Fuel cells must have electricity-only generation efficiency greater than 30%. Excess credit generally may be carried forward to next tax year 26 USC 25D 8/8/2005 (subsequently amended) 1/1/ /31/2016 Authority 2: IRS Form 5695 & Instructions: Energy Credits mary: Established by The Energy Policy Act of 2005, the federal tax credit for residential energy property initially applied to solar-electric systems, solar water heating systems and fuel cells. The Energy Improvement and Extension Act of 2008 extended the tax credit to small wind-energy systems and geothermal heat pumps, effective January 1, Other key revisions included an eight-year extension of the credit to December 31, 2016; the ability to take the credit against the alternative minimum tax; and the removal of the $2,000 credit limit for solar-electric systems beginning in The credit was further enhanced in February 2009 by The American Recovery and Reinvestment Act of 2009, which removed the maximum credit amount for all eligible technologies (except fuel cells) placed in service after 2008.

4 4 A taxpayer may claim a credit of 30% of qualified expenditures for a system that serves a dwelling unit located in the United States that is owned and used as a residence by the taxpayer. Expenditures with respect to the equipment are treated as made when the installation is completed. If the installation is at a new home, the "placed in service" date is the date of occupancy by the homeowner. Expenditures include labor costs for on-site preparation, assembly or original system installation, and for piping or wiring to interconnect a system to the home. If the federal tax credit exceeds tax liability, the excess amount may be carried forward to the succeeding taxable year. The excess credit may be carried forward until 2016, but it is unclear whether the unused tax credit can be carried forward after then. The maximum allowable credit, equipment requirements and other details vary by technology, as outlined below. Solar-electric property Solar water-heating property must be certified for performance by the Solar Rating Certification Corporation (SRCC) or a comparable entity endorsed by the government of the state in which the property is installed. At least half the energy used to heat the dwelling's water must be from solar in order for the solar water-heating property expenditures to be eligible. The tax credit does not apply to solar water-heating property for swimming pools or hot tubs. Fuel cell property The maximum credit is $500 per half kilowatt (kw). The fuel cell must have a nameplate capacity of at least 0.5 kw of electricity using an electrochemical process and an electricity-only generation efficiency greater than 30%. In case of joint occupancy, the maximum qualifying costs that can be taken into account by all occupants for figuring the credit is $1,667 per 0.5 kw. This does not apply to married individuals filing a joint return. The credit that may be claimed by each individual is proportional to the costs he or she paid. The home served by the system must be the taxpayer s principal residence. Small wind-energy property Systems must be placed in service on or after January 1, 2008, and on or before December 31, Geothermal heat pumps Systems must be placed in service on or after January 1, 2008, and on or before December 31, The geothermal heat pump must meet federal Energy Star criteria. Significantly, The American Recovery and Reinvestment Act of 2009 repealed a previous limitation on the use of the credit for eligible projects also supported by "subsidized energy financing." For projects placed in service after December 31, 2008, this limitation no longer applies.

5 5 3) Virginia Income Tax Deduction for Energy-Efficient Products Source: Efficiency Amount: Virginia Personal Deduction Clothes Washers, Dishwasher, Refrigerators, Dehumidifiers, Ceiling Fan, Water Heaters, Lighting, Boilers, Heat pumps, Central Air conditioners, Programmable Thermostats, Heat Pump Water Heaters Fuel Cells 20% of the sales tax paid by an individual Not to exceed $500 Start Date: 3/23/2007 7/1/2017 Web Site: Authority 1: Must meet federal Energy Star efficiency requirements Va. Code /23/2007 3/23/2007 7/1/2012 Summary: This incentive is available for dishwashers, clothes washers, air conditioners, ceiling fans, compact fluorescent light bulbs, dehumidifiers, programmable thermostats or refrigerators that meet or exceed federal Energy Star standards. Purchases of fuel cells that generate electricity using an electrochemical process, have an electricityonly generation efficiency greater than 35%, and have a generating capacity of at least two kilowatts(kw) are also eligible for the deduction. For taxable years beginning in 2007, individuals may claim a deduction of 20%, up to $500, on their state income tax return for sales tax paid to purchase certain energy-efficient products listed on this web site. Note: Certain EPA "Watersense" products may also qualify. How to File

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