SOURCE: Pelletsales.com

June 05, 2009 11:05 ET

New IRS $1,500 Tax Credit for 75-Percent-Efficient Biomass-Burning Stoves Expected to Create Jobs "That Grow on Trees!"

GOFFSTOWN, NH--(Marketwire - June 5, 2009) - "The Internal Revenue Service's (www.irs.gov) long-awaited guidance for the 30 percent consumer tax credit of up to $1,500.00 for the purchase and installation of a 75-percent-efficient biomass-burning stove is an outstanding achievement for the biomass stove industry. It can help create jobs in manufacturing fuel and appliances, reduce carbon emissions by encouraging burning a carbon-neutral fuel, and decrease our dependency on fossil fuels," said Jon Strimling, CEO of PelletSales.com. (www.pelletsales.com)

PelletSales.com is the nation's leading provider of biomass fuels for home heating. "We're committed to making premium, renewable biomass fuels available throughout the country," Strimling said. "Wood pellets are an efficient and domestically-produced alternative to heating oil and other fossil fuels, made right here in the U.S."

Using Stimulus dollars to install a biomass heating system grows perennial jobs and infrastructure because the thermal energy in biomass is harvested and transported by Americans year after year. Similarly, heating appliances are sold, installed and serviced on an ongoing basis by those same Americans.

"Compare the ever-increasing cost of home heating oil (crude is just under $70 bbl as of this date) to the cost of wood pellets, throw in the tax credit, and any homeowner not taking advantage of biomass stoves and wood pellets might as well burn dollar bills on his front lawn," added Mr. Strimling.

"And just as important as keeping heating costs low is the impact of wood pellets providing many people with good-paying jobs. The increase in production of wood pellets proves jobs really do grow on trees," he said.

Important points of the tax credit at-a-glance:

--  Installation is covered, as long as it is a requirement for the
    stove's proper and safe functioning;
--  The consumer tax credit is 30% (up to $1500) for the purchase and
    installation of a 75% efficient stove, available in both 2009 and 2010;
--  The tax credit is an aggregate, i.e., the total $1500 can include
    other energy efficient items.  If a consumer claims $900 on a new stove,
    then he will have $600 to purchase additional energy saving products in the
    same tax year;
--  A stove must use the burning of biomass fuel to heat a dwelling unit
    or to heat water for use in such a dwelling unit and have a thermal
    efficiency rating of at least 75% as measured using a lower heating value;
--  This credit applies only to existing principle residences;
--  Prior purchases made between January 1, 2009, and June 1, 2009 are
    covered if the manufacturer offers a certificate of qualification for the
    product.
    

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