Are You using more Green Energy- Get Green into Your Wallet Now
Green energy are they just buzz words or will they get green into
your wallet now? Well if you want to take advantage of the home energy federal tax credits to the max you need to do them today, December 31, 2010. These tax credits, up to $1500, are ending. To take full advantage of them they must be to an existing home & your principal residence. New construction and rental property do not qualify for the green energy tax savings this year.
The $1,500 maximum tax credit does not apply to geothermal heat pumps, solar energy systems, and wind turbines . These are all eligible for a 30% tax credit with no upper limit. The tax credit on these items expires in December 2016. Existing homes & new construction qualify. Both principal residences and second homes qualify. Rental property improvements again do not qualify.
Can the government make this anymore confusing to figure out what product and what year you are eligible for your savings in??
What will be in its place in the year 2011 are tax credits limited to $500 a home and 10% of their installed cost . That is a huge decrease in savings and limits the green that goes into your wallet. The green energy initiative by the current Congress allows homeowners only the ability to claim a maximum of $200 for new windows, $150 for a new furnace and $300 for water heaters that meet government specifications ( these can be found at www.energystar.gov) in 2011.
While it doesn’t seem to make sense as homeowners deal with the rising price of fuel and home heating oil to reduce the savings for making cost effective green solutions to our lives that is what Congress has done. I would encourage all to petition their congressional representatives to make a real fuss about something that is so contrary to what makes ‘green‘ sense to our environment.
Luckily I did take advantage of the federal tax credits for new energy efficient doors and a qualifying tankless hot water heater this year. I’ll be saving the full $1500 in tax credits on my income tax which pleases me, puts more green in my wallet and reduces the carbon footprint one more little bit in this world. Green energy – get green into your wallet now.
Ginny Lacey Gorman is your go to RI real estate agent for homes for sale in North Kingstown RI and beyond…knowing the geographic area, schools, happenings,important tidbits of local information and businesses well.
Waterfront, oceanfront and coastal RI homes for sale are her specialty. If you are looking for someone to guide you through the home selling or buying process, she is a licensed agent who sells RI homes in this real estate market, just call Ginny at 401.529.7849.