Sep 02 - Long Island Business News

There's some good news for companies and property owners seeking to save on energy: The federal government has rolled out a program that may reward you for your efforts.

President George Bush on Aug. 8 signed into law a bevy of energy conservation incentives in the Energy Tax Incentives Act of 2005.

In addition to the long-term savings of reduced energy costs, you can benefit from the Act's tax credits and deductions, according to Berdon Associates, an accounting firm, with Long Island operations based in Jericho. Berdon encourages firms to take advantage of incentives.

In addition to deductions related to energy used in homes and vehicles, incentives are available to reduce energy use at commercial properties.

Many commercial property owners can deduct the cost of installing energy-conserving improvements in 2006 and 2007.

If a building qualifies as an energy efficient commercial building property, there can be big savings.

Interior lighting, heating, cooling, ventilation and hot water systems that conserve can qualify for deductions of as much as $1.80 per square foot.

Buildings that don't meet the 50 percent reduction threshold may qualify for a partial deduction of up to 60 cents per square foot.

Does some of this seem unclear? Berdon said the government plans to clarify certification criteria as well as ways to calculate energy cost savings.