The nation's most comprehensive new set of energy regulations in more than a decade will give consumers nearly $800 million in home-energy tax breaks beginning in 2006.

Officially dubbed the "Energy Policy Act of 2005 (EPACT)", the new regulations establish the nation's energy policy for the foreseeable future.

With the price of oil appearing stuck above the $60-a-barrel level, President Bush was expected to sign the measure into law at a ceremony in Albuquerque, NM on Monday, Aug. 8. Congress passed the measure last week.

The first national energy policy overhaul since 1992 touches on virtually every conceivable facet of energy, including the production of fossil fuels, nuclear power and renewable energy as well as utility mergers, petroleum markets, new energy facilities and energy conservation.

Beginning in 2007, daylight-saving time will become a month longer running from the second Sunday in March to the first Sunday in November. With an estimated 1 percent savings in household energy bills, consumers are expected to feel a bit sunnier.

A better deal than emotional bliss, however, is cash on the barrel head, and along with tax incentives for businesses, Congress has also given consumers almost $800 million in home-energy tax breaks beginning next year.

According to the Department of Energy, with $874 million earmarked for drivers who buy alternate-fuel vehicles over the decade, EPACT's benefits for consumers' households include a host of tax credits. Tax credits, by the way, are deducted from the amount of tax you owe

They include:

• Tax credits topping out at $500 in 2006 and 2007 for money spent on existing homes to upgrade heating and air conditioning systems, insulation, windows, doors and thermostats, caulk leaks, install pigmented metal roofs and otherwise put the bite on energy waste. The write-offs break down with a maximum tax credit of $200 for windows, $300 for air-conditioning, heat pumps and water heaters, and $150 for installation of a highly efficient furnace or boiler.

• The day President Bush signs the new law, contractors who build new energy-efficient houses can claim a new tax credit worth up to $2,000. Appliance manufacturers get similar tax credits for engineering more energy-efficient appliances to meet 2007 Energy Star standards. While builders and appliance makers aren't expected to pass their tax break onto consumers, some indirect benefit should come in the form of lower energy bills.

• Homeowners who install solar energy systems can claim a tax credit of up to $2,000 for hot water and power generating systems not used to heat swimming pools and hot tubs. Smaller credits are available for fuel cell and photovoltaic power sources. California and some other states and jurisdictions have similar tax credit or rebate deals already in place.

• Consumers who park alternative- and clean-fuel burning cars can receive tax credits worth from $1,700 to $8,000 or more. The existing credit for electric cars was extended beyond 2006 when it was due to expire.

• Entrepreneurial consumers can also claim a 30 percent credit for the cost of installing clean-fuel vehicle refueling property used in a trade or business of the consumer or installed at the principal residence of the taxpayer.

Published: August 9, 2005

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A journalist for 35-years, Broderick Perkins parlayed an old-school daily newspaper career into a digital news service offering editorial content and consulting services. Perkins' San Jose, CA-based DeadlineNews Group includes the flagship news site, DeadlineNews.Com, offering real estate, personal finance and consumer journalism, and a backshop, the Deadline Newsroom.