The advantages of energy retrofitting existing spaces can be compelling: In addition to immediate tax benefits, a well- planned renovation can lower operating costs, resulting in significant savings over the life cycle of the building.
In the September 2010 issue of Business Alabama, journalist Amanda Bray wrote an article in the ‘Sustain Alabama’ section on how energy retrofitting existing buildings works with the new tax incentives. She interviewed WATERSHED owner Rebecca Dunn Bryant and Melissa Thomas, established CPA and director of tax services at Hartmann, Blackman and Kilgore, PC from Fairhope, Alabama.
While these tax incentives sprung from the Energy Policy Act of 2005, and this article was written in 2010, there still remains much mystery about the energy retrofitting process, why it’s important, and how one gets started. We encourage you to read the entire story here and contact us with any questions you may have about how your business can save some serious green by going green.
“Today’s lighting products use 40-60 percent less energy than earlier generations, and upgrading interior lighting systems is often the easiest and smartest way to go about claiming a partial deduction, Bryant says. Since lighting generates heat, lighting upgrades also can have a ripple effect by reducing energy used by HVAC as well, she explains. Installing efficient lighting systems and making simple improvements like reducing air infiltration can actually reduce the size of the air conditioning equipment needed for a building. When prioritizing energy efficiency retrofits, Bryant recommends installing new lighting before replacing HVAC units.”
“Although green building practices are becoming more mainstream, it is important to work with professionals who understand the tax incentives and who have actually completed qualifying retrofits. If your business is not ready to undertake a major renovation, you can still realize savings and benefits by giving your property an energy “tune-up” using the tips on this page. With a little research and sound guidance, investing in green building now can help boost the bottom line for years to come.”