Energy credits pure gold for green homeowners

[jpak]

http://www.pe.com/business/local/stories/PE_Biz_D_tax-energy04.1b68f0d.html

WASHINGTON - Did you install an energy-efficient water heater or furnace in 2006? How about a solar panel, storm door or insulation? You may reap a reward at tax time.

With fuel and other energy costs skyrocketing last year, consumers who purchased energy-efficient home improvements or hybrid vehicles can take a tax credit -- one of the tax code's biggest prizes.

Credits amount to pure gold for the taxpayer because they are a dollar-for-dollar reduction in tax liability, whereas a tax deduction only reduces the income against which tax is assessed.

Many home improvements can qualify for the residential energy credit, including insulation, certain water heaters, air conditioners, fans, furnaces, skylights, exterior windows and doors, solar panels and metal roofs with pigmented coatings designed to reduce a home's heat gain.

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[GliderGuider]

1. That's fantastic news. I wish they'd start doing that up here.

This is the way to get people off their butts and into the green game. Excellent!

[jpak]

2. I hope the Dem Congress does a lot more in this department

There should be a 50% tax credit on all Energy Star rated appliances/products.

Most US homes could cut their electric bills by half (or more) with new energy efficient appliances - and cut their heating and cooling bills considerably with new E-Star windows and doors...

[Shallah Kali]

3. Maine has such credits - check yours! Conservation is cheapest way to 'create' more energy

I found out too late about my state's credits to help my Nana who had all new windows put in a couple years ago. The old ones leaked like mad wreaking havoc on her arthritis and heating bill.

Conservation of energy whether from compact fluorescent bulbs or proper insulation is the cheapest way to create more energy. It is much less expensive for people to replace leaking windows or caulk leaks than build a power plant - conventional or green solar, wave, wind, etc.

[jpak]

4. I know - my Christmas presents for my Mom and Brother were CF bulbs this year

Replaced every one in their homes - got a $2 rebate on each one...

:)