Go Green and Earn Green
The American Recovery and Reinvestment Act of 2009 tripled the financial incentives for making repairs that can significantly reduce your utility bills and contribute to a “green” environment, while helping you save money on taxes.
The incentives take the form of tax credits, which reduce the amount of tax you owe dollar-for-dollar. Moreover, you can claim the credits whether or not you itemize deductions on your federal income tax return. They are available to owners of existing homes through 2010.
Here are 10 eligible home improvements you can make to reduce the transmission of heat and cold, thereby using less energy in your home:
- Energy Star exterior doors and windows, including skylights
- New metal or asphalt roof with appropriate pigmented coatings or cooling granules
- Electric heat pumps
- Electric heat pump water heaters
- Approved central air-conditioning
- Approved natural gas, propane or oil water heaters
- Approved natural gas, propane or oil furnace or hot water boilers
- Advanced main air circulating fans
- Biomass stoves using “plant-derived” fuel such as agricultural crops, wood pellets, grasses, etc