Weatherizing your home not only helps lower energy bills, but can also qualify you for tax credits under the government’s economic stimulus plan.
Learn more about getting your government grants.
Heading into the winter weather season, families are challenged with the basic need of heating the home. But the economic crisis has many Americans wondering if they can afford to ratchet up the thermostat. The fact is many do not have the money to spend.
Fortunately, the added expense of home heating can be partially offset by tax credit programs the government put in place through the American Recovery and Reinvestment Act this year.
One of those programs is the Nonbusiness Energy Property Credit. This tax incentive gives money back to people who buy eligible energy-saving improvements for the home. This includes efficient heating and air conditioning, water heaters, and stoves. The cost of installing such appliances may also be credited. Other weatherizing equipment such as insulation, windows, and doors that increase energy efficiency also trigger the 30% tax credit.
The second credit is the Residential Energy Efficient Property credit. Homeowners who “go green” can take advantage of the 30% refund by purchasing qualifying products — systems that enable the use of renewable resources such as solar electric systems, solar water heating, turbines, and geothermal heat pumps. This tax credit is meant both as a way to encourage Americans to go green but also to help grow interest in the cutting edge market of renewables.
Be sure to check your eligibility for these credits before you claim them on your 2009 federal income tax return. Qualifying taxpayers may use both credits this year.
Source: banks.com.
Свежие комментарии