The stimulus bill has also provided Americans with an incentives to green your home through a number of lucrative tax credits:
Residential Energy Property Credit: The American Recovery and Reinvestment Act has increased the credit rate to 30 percent of the cost to qualifying home improvements and has raised the maximum credit limit to $1500 for improvements made in 2010.
The credit applies to improvements such as adding insulation, energy efficient exterior windows and energy-efficient heating and air conditioning systems.
Note: It is important to remember that not all Energy Star products qualify for a tax credit. Click here for a list of qualifying appliances.
Furthermore, recent reports have demonstrated that products with the “Energy Star” label may not be as energy efficient as you may think. But the Department of Energy and EPA are planning on “cracking down” on energy efficiency standards to make sure that consumers are purchasing green appliances.
Click here for an informative buying guide on everything from refrigerators to vacuums.
Residential Energy Efficient Property Credit: This tax credit encourages you to invest in “residential alternative energy equipment,” such as wind turbines, solar hot water heaters, and geothermal heat pumps. You can receive up to 30 percent of the energy-efficient products, and the maximum credit has been increased from $500 to $1500. Click here for more information.
Plug-in Electric Drive Vehicle Credit: Keep your garage stocked with a plug-in hybrid car. The stimulus package devotes $2 billion to reward an environmentally-friendly car purchase with a $7,500 tax credit. Click here for more information.
Note: remember to save receipts so you can be eligible for the tax credits!
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Simple Tricks
Greening your home is the new “it” thing to do. Not only can it make mother nature happy, but it can make your wallet happy as well. If you’re wary about setting up a solar panel on your roof, try implementing some of these simple tips to save some money on your energy bill and general house expenses:
Before embarking on any DIY projects, fill out a home energy assessment form to find out where you can improve.
Set up a laundry line instead of dumping it into the dryer. According to the American Council for an Energy Efficient Economy, line-drying your laundry can help you save around $10 a month. Every bit helps!
Remember to unplug appliances that aren’t in use, like cell phone chargers and TVs. Also, plug your appliances into power strips with surge protectors to make it easier to save up to 5 to 10 percent on your monthly bill.
According to the U.S. Department of Energy, closing air leaks in your home can save up to 30 percent on your energy bill. Caulk and/or weatherstrip around your home to prevent leaks.
Remember to clean out your furnace’s air filter every month, which will cost you around $5-$20. If you fail to do so, you could be wasting up to 10% in energy costs.
Lower your water-heater setting from 140 F to 120 F, which can help you save up to 10% in your energy bill.
Save water through buying a low-flow toilet, which cost somewhere between $150 and $450. Also, use a broom instead of garden hose to clean your driveway.
Choose bamboo for hardwood floors and furniture: this type of wood is much more environmentally friendly than other typical hardwoods because it takes less time to mature.
Make the switch to compact fluorescent light bulbs (CFLs). They cost more, but last up to ten times longer, giving you some great savings in the long run. If you replace a regular bulb with a CFL, you can reduce carbon dioxide emissions by 500 pounds a year. Replace up to 17 light bulbs, and that equates taking a car off the road for a year.
Replace single-pane windows with “low- e” models to save somewhere between $150-$450 per year.
Make your own homemade, natural cleaning products. Click here for a list of recipes that use simple products like white vinegar and baking soda.
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Got anymore tips for us? Tell us in the comments section!
Source list:
energy.gov
realestate.msn.com/
