| GREEN REVIVAL There has been a lot of talk about the Emergency Economic Stabilization Act of 2008, which was signed into law in October. But do you know what it means for you? If you use energy-efficient products in your home, you’ll want to take note: Starting Jan. 1, 2009, the law expands and extends valuable federal tax credits for homeowners who make certain upgrades. These credits are largely the same, but not identical, to those that expired at the end of 2007. Benefits include lower home energy bills, icreased indoor comfort and reduced air pollution. In addition, the energy-efficient products eligible for the new federal tax credits actually lower the amount of federal income taxes that taxpayers must pay Uncle Sam. Here’s a look at how much you could save if you took advantage of some of these tax credits (but remember that your energy savings each year may be greater than the one-time tax savings):
|
Purchase |
Tax Savings |
Notes |
|
Central air conditioner or heat pump |
$300* |
Only some Energy Star products qualify. |
|
Furnace or boiler |
$150* |
Only some Energy Star products qualify. |
|
Windows |
Up to $200* |
All Energy Star windows qualify. |
|
Insulation and sealing |
Up to $500* |
Must meet model building code as installed. |
|
Ground-source heat pump |
Up to $2,000 |
Only Energy Star products qualify. |
* Maximum of $500 total for home improvements.
In some areas of the country, consumers also will be eligible for utility or state rebates or state tax incentives for the same homes, vehicles and equipment.
Source: Alliance to Save Energy
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