Tax season is upon us and like it or not at some point in the next two months we will all be trudging our way through this grueling process. I hope that many of your were able to take advantage of the some of the more heavily publicized credits like the first time home buyer tax credit. Hopefully, many of you also took advantage of some of the many tax credits offered or expanded upon in the The American Recovery and Reinvestment Act of 2009 that applied to energy efficient improvements in your home.
The most concise explanation of what qualifies and how much is being offered per item through the US Department of Energy tax breaks page. The highlights are a 30% tax credit on Energy Star Certified items such as AC's, windows, insulation, roofing with a $1500 cap. The big boon was for alternative energy sources such as solar or geothermal. These now qualify for a 30% tax credit with no cap through the year 2016. Be sure to check the Energy Star website for more specific list of items that can qualify and how to apply for the credits.
After the success of the Cash for Clunkers program, the federal government rolled out a plan in the fall that would provide funding for rebates on energy efficient appliances. Through the Energy Efficient Appliance Rebate Program, individual states will be able to offer rebates for energy efficient appliances so check this out if you are in need of anything from a new fridge to new AC's. It varies by state so click on your state, it could mean $100's in savings.
Before you consider any improvement and/or appliance purchase or if you have recently made an improvement, be sure to check the Database of State Incentives for Renewables & Efficiency. This too varies by state and offers updated info about programs and incentives that promote sustainability in your area. You can actually "stack" most of these credits, rebates, and incentives currently offered so be sure to take full advantage.
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