Benefits of Going Green
Many new and previously existing tax incentives are available to those who want to save money and help save the earth.
Certain existing home energy efficient improvements placed in service in 2009 and 2010 are eligible for credits at 30% of the cost up to $1,500. Qualifying windows and doors, insulation, metal and asphalt roofs, central air conditioners, furnaces, hot water heaters, heat pumps, main circulating fans, water heaters, and biomass stoves are eligible for this tax break. $1,500 is the total amount that can be claimed for all products purchased for both tax years. A great resource for determining if an improvement meets the criteria for this credit is www.energystar.gov/taxcredit
Solar energy, small wind energy, geothermal heat pumps and fuel cell projects placed in service through 2016 to either an existing home or a new home qualify for a 30% of cost credit. The www.energystar.gov/taxcredit website will guide you through the specific requirements for a project to qualify for this credit.
A new $2,500 to $7,500 credit is available for plug-in hybrid electric vehicles. The full credit is available for the first 250,000 of these cars sold. Tracking of the development and availability of these machines can be found at www.pluginamerica.org/plug-in-vehicle-tracker.html. A previous credit is still available for some hybrids not qualifying for the plug-in electric credit. It has phased out for Toyotas and Hondas but is in place for other manufacturers through 2010. Information on qualifying cars and credit status for them can be found at www.fueleconomy.gov/feg/tax_hybrid.shtml.
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