Consider: Energy Saving Insurance, Grants for Energy Savings, Home Product Rebates, and Tax Credits for Home Improvement.
On October 3, 2008, President Bush signed into law the “Emergency Economic Stabilization Act of 2008.” This bill extended tax credits for energy efficient home improvements (windows, doors, roofs, insulation, HVAC, and non-solar water heaters). Tax credits for these residential products, which had expired at the end of 2007, will now be available for improvements made during 2009. However, improvements made during 2008 are not eligible for a tax credit.
The bill also extended tax credits for solar energy systems and fuel cells to 2016. New tax credits were established for small wind energy systems and plug-in hybrid electric vehicles. Tax credits for builders of new energy efficient homes and tax deductions for owners and designers of energy efficient commercial buildings were also extended.
Home improvement tax credits are available for home improvements “placed in service” from January 1, 2009 through December 31, 2009. Any qualified home improvements made in 2008 are not eligible for the tax credit.
Home improvement tax credits are available for insulation, replacement windows, non-solar water heaters, and certain high efficiency heating and cooling equipment. The maximum amount that a taxplayer may claim from all of these tax credits combined is $500 over the lifetime of the tax credit (2006, 2007 & 2009).
If you are building a new home, you do not qualify for the tax credits for “eligible building envelope components” (windows, doors, insulation, roofs) or “qualified energy property” (HVAC & non-solar water heaters). However, the tax credit for photovoltaics, solar water heaters, small wind systems and fuel cells is available for homeowners building new homes.
Solar Energy Systems
Tax credits are available for qualified solar water heating and photovoltaic systems. The credits are available for system “placed in service” from January 1, 2006 through December 31, 2016. The tax credit is for 30% of the cost of the system, up to $2,000. After December 31, 2008, this $2,000 cap will be removed for photovoltaic systems (but not solar water heaters). This credit is completely separate from the $500 home improvement credit.
Small Wind Energy Systems
Tax credits are available to homeowners who install residential small wind turbine systems. The credits are available for systems “placed in service” from January 1, 2008 to December 31, 2016. The tax credit is for 30% of the cost of the system, up to $500 for each half kilowatt of capacity with an overall maximum of $4,000.
There is a consumer tax credit of up to 30% of the cost (up to $1,500 per 0.5 kW of capacity maximum) for installing a “qualified” fuel cell and microturbine systems. The credits are available for systems “placed in service”” from January 1, 2006 through December 31, 2016. This credit is not limited to the $500 home improvement cap.
The right home improvement products, techniques, and services:
Contractors, home improvement stores, and specialty shops in your area may not yet have a complete familiarity with the ‘green’ opportunities, products, system integration, and overall savings potential. So, you may get some resistance, since people in general are typically more comfortable recommending something that they are already familiar with rather than something new. To help break the inertia, use the information across this website like our Return on Investment Master ROI Table. Also feel free to post a question in our forum on the message board about a particular need for your home relative to your area. Our team has spent multiple years aggregating research from public and private sector performance reports and from manufacturers and homeowners across the country in order to provide you with the perspective you may need to see the initial payback and long term advantages. Environmental enthusiasts and leading institutions like the American Institute of Architects and the National Association of Realtors, see the value and link into our resources to support their members.
The Green Home:
For your overall home improvement, you can save money, improve your family’s health, and save the planet. Find out for free how much it will cost to do different types of home improvement in your home from a qualified and member approved contractor in your area. Get a FREE Quote . Plus, regardless of the size and scope of your home improvement project, save money and keep your home clean with the top rated chemical free and concentrated Green Home Cleaning Products.
Home Improvement Basics:
When it comes to home improvement basics, look for interior home improvements like creating a clean, safe, and healthy home through sustainable ‘green’ furniture, home décor, zero VOC and Interior Paint, plus ENERGY STAR Appliances and Electronics. For energy and utility savings you can focus on insulation and air sealing, windows, doors, lighting and skylights, water saving plumbing opportunities, and high efficiency heating and air conditioning systems. On the outside of your house, look for exterior home improvement opportunities through landscape design and gardening plus solar energy, wind and other power sources. If you are undertaking a major home renovation, an additions, or building a new home, then take the lead to ‘go green’ in as many ways as possible to save money and the environment.