In April 2008, Kentucky enacted legislation allowing a 30% state income tax credit for taxpayers who install certain energy efficiency measures on their principal residence or residential rental property.* These energy efficiency measures include:
In April 2008, Kentucky enacted legislation establishing a 30% state income tax credit for taxpayers that install certain energy efficiency measures on commercial property. The 30% credit (up to $500) is allowable against individual, corporate income or limited liability income taxes for any of the following equipment:
In April 2008, Kentucky enacted legislation ([http://www.lrc.ky.gov/record/08rs/hb2.htm HB 2]) to improve the energy performance of all state-owned and state-leased buildings. The legislation requires that all construction or renovation of public buildings for which 50% or more of the total capital cost is paid by the state must be renovated or designed to meet high-performance building standards.
Through the Green Bank of Kentucky, state agencies may be eligible for three separate energy loan products, depending on the proposed energy efficiency improvements.* Prior to applying, all agencies are required to submit an energy survey (available on the Green Bank's web site). The Green Bank will then forward the loan application packet (including information regarding the additional required documentation) for the agency to complete and submit. All application letters must be signed by the agency head.
The Smart $aver® program offers incentives for residential customers to increase the energy efficiency of homes. Incentives are provided for qualifying heating and cooling equipment installation or service, attic insulation with air sealing, and duct insulation and sealing. Duke Energy Kentucky’s electric residential retail customers residing in a single-family home, condominium, or duplex are eligible for the incentives. All incentives are paid after completion of the services.
Duke Energy offers a variety of incentives through its “Smart $aver Incentive Program” for commercial and industrial customers installing energy efficient equipment in their facilities. Any of Duke Energy’s commercial or industrial customers not on the TT rate (Time-of-Day Rate for Service at Transmission Voltage) qualify for these prescriptive rebates. There are many eligible technologies, with varying rebate amounts, available for rebates, such as lighting equipment, cooling equipment, motors, pumps, food service equipment, and manufacturing process equipment.
The Direct Loan Program, is designed to allow businesses to obtain the long term financing needed to encourage growth. The Kentucky Economic Development Finance Authority (KEDFA) may participate in projects with loans ranging from $25,000 to $500,000. The amount of KEDFA participation is dependent on the project fixed asset cost. To participate, project owners must inject a minimum of 10% toward the fixed assets.