WEED WEDNESDAYS
Less Than 3% of Homeowners Took Advantage of Clean Energy Tax Credits in 2023
The Biden Administration’s Inflation Reduction Act (IRA) included generous incentives to homeowners who invest in clean energy (such as solar panels) or in energy improvements (such as improved insulation, windows or doors).
Only 3.4 million households took advantage of those tax credits nationwide on their 2023 tax returns. That was just under 2.5% of filed tax returns. In Colorado, the number was 65,810 households, or 2.9% of tax returns filed. The states with the largest participation were California, Florida and Texas, but only Florida saw over 3% of tax returns that included the tax credit (3.26%), and the other two states had rates lower than Colorado’s.
seems to be the case since 15 percent of the 3.4 million nationwide returns which took advantage of the tax credit had Adjusted Gross Incomes under $50,000. Just under half of the returns had AGIs under $100,000. The largest bracket was AGIs of $100-200,000 that numbered 1.2 million returns or 35% of all filed returns.
the installation of geothermal heat pump systems. The average tax credit taken for those systems was $12,078.
A total of $8.4 billion in tax credits was taken by taxpayers. The program is still active, and any taxpayer who wants to reduce his/her home’s operating costs should seriously consider taking advantage of the tax credits, which remain in place through 2032. I have posted a link for its provisions at http:// RealEstateToday.substack.com
One of the smallest amounts, $55.4 million in tax credits, were claimed by 36,820 households nationwide for my favorite investment, energy audits.
The average tax credit for home energy improvement such as solar panels, solar water heating and home battery installations was $5,084. The average credit for improvement in energy efficiency, such as better windows, air sealing and heat pumps, was $882.
Questions to Ask When Buying a Solar-Powered Home
I have always said that the most affordable way to “go solar” is to buy a home that’s already solar-powered. The reason is that the price differential on a solar-powered home versus a home that is not solar-powered is minimal. (Don’t invest in solar if you’re not keeping your home at least 5-10 years, because you won’t recover the cost of your investment when you sell your home.)
So, let’s say you’re buying a solar-
powered home. Most of what you need to know should be on the MLS. Is the system owned or leased, or is it owned by a 3rd party which sells the electricity to the home owner under a Power Purchase Agreement (PPA)? The MLS says when it was installed and how big it is (in kilowatts), but you’ll need to find out if it still performs efficiently. You might want to hire an agent like me to represent you in your purchase.
The intention of the program is to benefit working families and small businesses to lower their utility expenses by improving their homes and offices. That
Your Best Deal on an EV Is a Used One From a Dealer
I learned the hard way that you can’t get a good deal on a used EV unless you buy it from a dealer. The reason is that there’s a 30% Clean Vehicle tax credit up to $4,000 on used EVs, but only if they are under $25,000 and purchased from a dealer. I have posted on http://RealEstateToday.substack.com a link to the IRS web page with the details on qualifying for the tax credit.
I tried selling my 2015 Model S, but no one wanted it at a reasonable price, so I ended up selling it to CarMax.
Google “Used EVs Under $25,000” and you’ll see there are lots to choose from.
Although the credits vary from one improvement to another, it is generally a 30% on the cost of the improvement, including labor. The most popular improvement is solar photovoltaic installations, claimed by 752,300 households nationwide. The second most popular improvement was insulation, followed by exterior windows and skylights and central air conditioners.
Heat pump HVAC systems and heat pump water heaters were also a popular improvement, claimed by 267,780 and 104,180 households respectively.
Just under $1 billion in tax credits were claimed by 80,730 taxpayers for
Archive of Past Columns Is Online
Over the past two decades, this column has appeared in local weeklies and the Denver Post, and during that time I’ve written about every conceivable topic related to real estate. You can find and search that archive online at www.JimSmithColumns.com
Today’s the Day—Buyer Commissions Off the MLS
August 15th is the day which Denver’s MLS, REcolorado, set for removing buyer agent compensation from all MLS listings in compliance with the March 15th settlement between the National Association of Realtors (NAR) and a class of home sellers in Missouri. NAR had set the deadline for Aug. 17th. August 15th is also the date that new state-approved contracts consistent with the NAR settlement become mandatory in Colorado. I wrote about that on Aug. 1st. (see www.JimSmithColumns.com.)
Theoretically, home buyers will start paying the brokers who represent them in the purchase of real estate, but I will be surprised if a single home buyer pays anything at all for professional representation. That’s because most sellers will agree to offer compensation, leaving any seller who does not offer compensa-
tion in an untenable position — no buyer will want to make an offer on homes that require them to pay their agent. Keep in mind that most buyers are already heavily burdened in the transaction to buy a home, especially when they are having to finance their purchase with a mortgage at 6% or higher interest rates. They have to pay for inspection, for appraisal, for loan origination, first-year’s home insurance premium, and for escrow deposits to cover next year’s property taxes and insurance renewal. Only cash buyers are spared those heavy upfront costs.
If sellers wants to attract buyers, they will need to offer compensation. It’s just that they can’t advertise it on the MLS. They’ll still let buyers know, either on a home-specific website (like we provide), on a sign rider, or in a brochure.
We Need to Level-Up Sustainability & Recycling
Have you heard of toilet paper made from bamboo? I hadn’t either, but when I read the pitch for it, I was sold. Regular toilet paper is made, like other paper, from trees. But trees grow back slowly, whereas bamboo is famous for growing quickly. It would be a lot better for the planet if everyone switched to bamboo toilet paper. Rita and I received our first order last week, and we are sold on it. It’s the only toilet paper we’ll buy now, online from both Amazon and Costco.com.
I made another discovery recently. Those plastic jars you buy for everything from yogurt to milk and milk substitutes are wrapped in plastic that must be removed in order to recycle the bottle. At left is a picture of two quart bottles, plus a third in the middle with its label removed. The back of the milk bottle contains the notice shown at right:
It’s common practice in our home now to cut those plastic wrappers off and trash them before putting the bottles in the recycling bin. Some bottles, such as Activia’s Probiotic Dailies, have a marked “zipper” on them, making it easy. Others don’t even tell you that the wrapper must be removed, and you need a pointed knife to remove the wrap.
When we were in New Zealand in February, I saw a bicycle in the window of a Nespresso storefront. Looking closer, there was a sign on it saying that the bike’s aluminum frame was made of recycled Nespresso pods. We have one of Nespresso’s coffee makers, and now we keep one of their free postage paid recycling bags under the counter in our kitchen. Call Nespresso at 855-325-5781, and they’ll mail you some. K-cups can be recycled curbside after you remove the lid and contents. Do you want to help reduce the amount of single-use plastic? It’s becoming popular for restaurant-goers to bring Tupperware containers with them for leftovers. Rita does that. Also, there’s increasing popularity of “refill shops” where you buy bulk dry and liquid groceries to refill your own bottles or containers. Here’s a map from Googling it.
Meet Chubbs!
Chubbs has been in a shelter for over a year. We would like this sweet boy to find his forever home soon. He is getting so sad at the shelter. He is a staff favorite with his goofy shenanigans and his love for everything and everybody. Check him out and all of our adoptables at imhs.org.
For more information please call 303-838-2668 • www.imhs.org
Located in Pine Junction, Log Building P.O. Box 528, Pine, CO 80470
A LETTER TO OUR READERS
To our loyal supporters,
ere’s a saying in journalism that newspaper production is a daily or a weekly miracle. A er the last few weeks, we’ve performed a few such miracles to make sure you can continue to receive your local newspaper.
I’m writing to update you about some short-term (potential) delivery delays, to provide information about the reasons, and to thank you for your continued support of your community newspaper.
As you may know, Colorado Community Media’s parent company, the National Trust for Local News, has been busy building a new, local commercial printing facility to serve Front Range newspapers. is move sets up our newspapers for more economic sustainability and the potential for future editorial investments – in other words, a stronger, more vibrant community news source.
Along the way, we’ve learned that launching a printing press from scratch is not for the faint of heart. During the initial project work, we discovered that the electrical capacity needed to run all of our equipment required additional (and unexpected) enhancements to our facility. We’re making great progress and are working with our partners to complete the nal electrical services. We hope to begin printing Colorado Community Media’s newspapers there in early September.
Given the unexpected closure of the Berthoud press facility this month, we have been scrambling to nd alternatives to print our mailed newspapers during the 3-4 week timeframe expected before our own press launches. Fortunately, we’ve found a temporary out-of-state alternative that will allow us to continue providing you the print newspaper you’ve come to expect from us while we work to get our own press operational. What that means, however, is that you could experience delays of one to four days in receiving your printed paper.
Know this: We’re dedicated to ensuring you get your newspaper throughout this interim period. If you have questions, please feel free to reach out to hello@coloradocommunitymedia.com, or visit our website, which is always up-to-date with the latest news and information in your community.
We’re hopeful the disruptions to our readers and customers will be minimal and deeply appreciate your support of local journalism.
Linda Shapley Publisher
Colorado Community Media
NEVER PAINT AGAIN!
Let’s come together to celebrate the beauty that our local communities have to o er.
Our 5K Run/Walk will mark the culmination of members sharing their stories about the great places they go for a run or a walk. A portion of all proceeds will be donated to volunteer firefighters
SHARE YOUR TRAIL TALES 5K
is a new event that celebrates Colorado’s walking/running trails within our local communities.
SATURDAY, AUGUST 24
Clement Park–Littleton
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Silverdale Trailhead
Three Sisters Trail
TRIVIA
1. LANGUAGE: What does the Latin pre x “audio-” mean in English?
2. TELEVISION: Gladys Kravitz is the annoying neighbor in which TV comedy?
3. ANATOMY: About how many taste buds does the average human tongue have?
4. GEOGRAPHY: e Brandenburg Gate is in which European capital city?
5. HISTORY: Who was the leader of the Soviet Union during WWII?
6. MOVIES: Which movie features the line “I’m the king of the world!”?
7. MYTHOLOGY: What is the name of the Egyptian sun god?
8. LITERATURE: “ e Great Gatsby” is set in which U.S. city?
9. MONEY: What is the basic currency of Poland?
10. FOOD & DRINK: Which country is associated with the side
dish kimchi?
Answers
1. “Sound” or “hearing” (e.g. “audiophile”).
2. “Bewitched.”
3. 2,000-8,000.
4. Berlin, Germany.
5. Joseph Stalin.
6. “Titanic.”
7. Ra.
8. New York.
9. Zloty.
10. Korea (North and South).
(c) 2024 King Features Synd., Inc.
FLASHBACK
1. Which group released “Do You Believe in Magic”?
2. Name the rst rock group that appeared on “ e Ed Sullivan Show.”
3. What was the name of the vacation resort in the 1987 lm “Dirty Dancing,” and where was it?
4. Who released “ e Love I Lost”?
5. Name the song that contains this lyric: “I guess the dance is over now, So you just curtsy, and I’ll bow, And ask the band to play us Auld Lang Syne.”
Answers
1. e Lovin’ Spoonful, in 1965. e song was their debut single. ey went on to quickly release seven more that reached the Top Ten.
2. Bill Haley and His Comets, in August 1955. ey performed “Rock Around the Clock,” the rst rock and roll song to be played on a national television show.
3. e resort was called Kellerman’s, in the Catskills in New York. It was lmed, however, in Virginia and North Carolina.
Look for the movie sequel in May 2025.
4. Harold Melvin & e Blue Notes, in 1973.
5. “More Like the Movies,” by Dr. Hook in 1978. Dr. Hook (called Dr. Hook & the Medicine Show until 1975) was known mostly for soft rock, acoustic guitar and easy listening.
(c) 2024 King Features Syndicate
DEADLINES:CLASSIFIED
CAREERS
Help Wanted
CITY OF CENTRAL
Accounting & HR Clerk/ Administrative Assistant
City of Central FTE Salary range from $43,798 - $51,463 DOQ/E
is position is responsible for providing support and assistance to the Finance/HR Department. Performs a variety of working level, para-professional duties as needed to expedite various day-to-day functions of the Finance/HR Department, including customer service, handling correspondence, cash receipting, accounts payable, utility billing, and xed asset tracking. Maintains the Finance/HR Department’s records in accordance with the City’s records retention policy. Requirements: Any combination of experience and training equivalent to graduation from High School and two years of progressively responsible work experience in accounting, human resources or le management is desirable. A bachelor’s degree in accounting, business administration, nance, or related eld is preferred. e City provides a comprehensive bene t package that includes medical, dental and vision insurance coverage. 100% of the employee’s premiums are paid by the City and approximately 98% of dependent premiums are paid by the City. Paid vacation and sick leave, 401(a) and 457b employer retirement contributions; een paid holidays annually. City paid Long Term Disability and Life Insurance.
Apply now: A detailed job description can be found on the City’s website centralcity.colorado.gov
Quali ed applicants should submit a resume and cover letter to the Finance/Human Resources Director at arobbins@cityofcentral.co or mail to P.O. Box 249 Central City, CO 80427. e position is open until 8/18/2024. EOE.
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