GridPoint Products Help with New Energy Tax Credits

August 30, 2005 by Jeff Shepard

GridPoint Inc. (Washington, DC), a provider of intelligent energy management (IEM) appliances for residential, light commercial, and government markets, announced that its products will help consumers reap the benefits of tax credits, net metering, time-based pricing, and other forms of demand response outlined in the Energy Policy Act of 2005, recently signed into law by President Bush. The new law encourages the deployment and use of advanced metering and communications technology and requires utility companies to work with consumers who implement it.

The new law increases tax credits for commercial and private solar installations or related equipment (such as GridPoint Connect™, which integrates alternative energy sources such as solar panels as well as sells excess energy back to the utility). Businesses can claim a federal tax credit equal to 30 percent of the cost of GridPoint Connect, with no dollar limit on the credit. Homeowners, who are offered a credit for the first time in 20 years, can also claim a credit of 30 percent, capped at $2,000 per system. GridPoint's products vary in price from $6,000 to $16,000, depending on size.

"We are delighted that the government is encouraging the adoption of clean, innovative technologies that directly benefit consumers as well as the light commercial market," said GridPoint President and CEO Peter Corsell. "The new law will also go a long way toward promoting a smarter, more reliable energy grid."