Archive for the ‘Energy Star’ tag

Energy Star Appliance Rebates And Tax Credits

Posted at 7:09 pm in Green,Property,Tax Deductions

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The government actually wants to give back some of your money? The Energy Star appliance rebates and tax credits program will be beneficial if you purchase energy efficient appliances for your home. Of course, as with every program, there are stipulations and limitations but overall there are many options available for homeowners. These rebates and tax credits are only obtainable for homeowners, and certain credits are not offered for new construction.

The Energy Star appliance rebates and tax credits are designed to get Americans to upgrade their current appliances and are strongly encouraging consumers to recycle their old appliances. These rebates and tax credits only apply if replacing older models. The government is hoping to save energy, wear and tear on the environment, and money for consumers. Individual states and territories have their own rebate system for whatever appliances would be in greatest need, either weather-related or environmental for their area of the country.

If you are looking for rebates, your local state has agreements with certain suppliers that have agreed to give rebates when specific appliances are purchased. Generally, the list of appliances includes dishwashers, water heaters, refrigerators, and freezer, among others.

If you are looking for a tax credit you will probably see a greater amount return to you in the long-run. The government is willing to give generous tax credits to homeowners who purchase energy saving devices such as fuel cells, small wind turbines, solar panels and solar powered devices, special air or heating units, certain roofing materials, insulation, and specific windows and doors. As stated earlier, there are specifications, so check into your particular state for details.

When getting rid of your old appliances, look up state energy conservation offices or local recycling centers that will accept your appliances. Make sure that you get a record of your donation – you will need it to submit your claim for a tax refund or rebate.

There are time limits on the Energy Star appliance rebates and tax credits. Make sure that you qualify for your purchase soon before time – or money – run out.

Bret G is an avid energy saving fan, he enjoys writing and rock climbing.

Tax Credits to Green Your Home

Posted at 4:11 pm in Green,IRS,Tax Deductions
Some of the over 4000 wind turbines at Altamon...

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With recent legislation and changes to the tax code, homeowners are discovering that now is the time to go green. Federal tax credits and deductions, combined with many state tax incentives, are making environmentally friendly home improvements a popular investment.

The federal government provides incentives for taxpayers to improve the energy efficiency of their homes in two broad areas. The first area includes improvements that reduce the amount of energy a home consumes, such as insulation, energy-efficient windows and doors, and HVAC (heating, ventilating, air conditioning) systems. The second area includes improvements to the amount of energy a home creates, such as wind turbines and solar energy systems.Federal tax incentives available to homeowners in 2011 include:–A 10 percent tax credit for purchase and installation of certain improvements and appliances, up to $500. Some of the purchases have individual limits as well. Qualifying biomass stoves, air conditioners, heat pumps and water heaters are eligible for $300 tax credits. Insulation, certain roofing materials, and skylights and doors that meet energy-saving requirements are eligible for the 10 percent tax credit up to $500. Windows are capped at $200, and appliances or other energy improvements are eligible for smaller amounts.–A 30 percent tax credit for purchase and installation of certain solar energy systems, wind turbines, and geothermal heat pumps, with no upper limit on the amount of the tax credit. In some cases the credit can be extended to future tax years. Solar water heaters and solar panels generally qualify for this credit. Residential wind turbines are becoming more popular and more affordable, especially because of this tax credit. There is one drawback to energy-producing tax incentives: the credit for installation of the emerging fuel cell technology, which captures energy from micro-turbines and stores it in hydrogen fuel cells, is capped at $500.In addition to federal tax incentives, most states provide tax incentives for energy-saving home improvements as well. North Carolina, for example, offers tax credits of 35 percent of the cost of energy-producing systems. Combined with the federal tax credit, homeowners can save 65 percent of the total cost.

Seraphim is a foe of paying more than he has to, He is a tax expert specializing in tax deductions.

Written by admin on October 20th, 2010

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