(513) 858-6040 
Secure File Upload
Pay
Client Center
Reduce your Electric Bill
Jun 26, 2013
Business owners are always looking for a way to minimize operating costs without compromising work production. Among the unavoidable expenses all businesses incur is the cost of electricity. Did you know that lighting alone can comprise as much as 60% of your electric bill each month? So what can you do about the costs given the fact that you need to turn the lights on every day, open to close?
Recently, the department of energy mandated that when many of the most common, inefficient light bulbs in service today become obsolete, they must be replaced with more energy efficient products. Fluorescent lighting that is often used in common areas and offices as well as warehouse lighting, known as metal halides, are among the items that are being replaced.
Here is where the opportunity to improve your bottom line comes into play. Businesses will be required to upgrade their lighting when the time comes to purchase replacement lamps or ballasts. But why wait? Every day that the old technology is kept in service is a day that you are spending more on energy than you need to. And here is the good news – most utility companies will actually pay you to make the change! You read that correct – you can reduce your energy cost, improve your overall lighting and have the utility company pay for a portion of the upgrade.
The news gets better. Thanks to legislation knows as EPACT 2005, there are also favorable tax incentives available for qualifying projects before December 31, 2013. A tax deduction of 30 cents up to a maximum 60 cents per square foot for lighting is available with the wattage reductions between 25% to 40% from ASHRAE 90.1-2001 levels. This is an accelerated tax deduction: If a cost item associated with installing new lighting is normally depreciated and claimed over a period of years, it can now be claimed in a single tax year.
If you would like to learn more about energy savings, the funding from your utility company or tax benefits, contact Tim Driscoll at Current Electric Supply at 513-227-1000 or email him at tim@currentelectricsupply.com or check their website at http://www.currentelectricsupply.com/
About The Author
As the Manager of Practice Growth, Diane focuses on the market awareness and growth of Kirsch CPA Group…
Related Articles
Consider a New Approach to Meeting Your Business Real Estate Need
- 09-17-21
- Kirsch CPA Group
Beware: Teleworking Arrangements May Cause State Tax Withholding Issues
- 08-18-21
- Kirsch CPA Group
5 Common Construction Accounting Risks — and How to Address Them
- 07-07-21
- Kirsch CPA Group
Supreme Court Finds No Standing to Challenge a Provision of the ACA
- 06-24-21
- Kirsch CPA Group
Labor Shortage: Unlock Solutions by Evaluating Your Employment Value Proposition
- 06-09-21
- Kirsch CPA Group
Material Participation Standard is the Key to Unlocking LLC Tax Losses
- 05-27-21
- Kirsch CPA Group
Know Your Legal Obligations Under the Americans with Disabilities Act
- 05-13-21
- Kirsch CPA Group
PPP Loan Not Forgiven? There’s a Safe Harbor for Deducting Expenses
- 12-03-20
- Kirsch CPA Group
What You Need to Know About the Deferral of Payroll Tax Obligations
- 09-15-20
- Ryan Kilpatrick
PPP Loan Forgiveness – Significant Borrower Friendly Changes on the Horizon
- 06-04-20
- John Kirsch
Tax Filing Deadline Remains April 15 – Payment Due Extended to July 15
- 03-19-20
- John Kirsch
Prepare to Receive a Social Security Administration No-Match Letter
- 10-15-19
- Kirsch CPA Group
IRS Announces Changes for Personal Use of Employer-Provided Vehicles
- 06-10-19
- Diane Glover
Watch Out for these Tax Issues When Planning for Your Business in 2018
- 06-26-18
- Diane Glover
What Image Does Your Organization Present to Large Contributors?
- 03-15-18
- Kirsch CPA Group
8 strategies to help you adapt to economic down turn without layoffs
- 02-24-18
- Diane Glover
Remember To Take Required Minimum Distributions at Age 70 1/2 Or Face Penalties
- 02-17-17
- Sue Schloemer
