Energy Tax Credit Extended

Saving money and reducing your carbon footprint, is not only the responsible thing to do, it can save you money! Becoming an environmentally conscientious homeowner and consumer has never been easier. Thanks to backing by the US Environmental Protection Agency and the US Department of Energy, the Energy Star program offers tips, plans and resources for energy saving products; construction plans, landscaping ideas, and general home improvements.

Did you miss out on the 30% federal energy tax credit, which provided up to $1500 for improvements on home components such as insulation, windows, and doors?  If you had good intentions, but simply ran out of time, the good news is that many of these credits have been extended. Of course the bad news is that the reimbursement amount varies from case to case and is less than the previously awarded 30%.

Between January 2011 and December 31, 2011, you may qualify for a tax credit of more than 10% for energy efficient home improvement costs of up to a maximum of $500. However, there are limits on certain energy efficient enhancements. Here is a short list to give you an idea of where the savings lie:

-Energy efficient water heaters-$300

-High efficiency furnaces and boilers-$150

-Energy Star windows-$200

-Main circulating air fans-$50

-Air conditioners and heat pumps-$300

Keep in mind that tax credits can also be combined with state and local utility incentives. According to Mark Wolfe, of the National Energy Assistance Director’s Association, “Almost every state has some kind of rebate or incentive program to help you make your home more energy efficient.”

Also, be aware that some incentives for major projects like the installation of solar, wind, and geothermal systems continue through the year 2016.

To get the facts about these money saving incentives and what you can do to conserve our nation’s precious energy supply, check out these websites:

-www.energystar.gov

-dsireusa.org  - which is a data base or state incentives for renewables and energy efficiency

Finally, to discover how energy efficient your home is, contact your local utility provider for a free or low-cost energy audit.