Energy Efficient Tax Credits for Homeowners

Tax season is upon us and like it or not at some point in the next two months we will all be trudging our way through this grueling process. I hope that many of your were able to take advantage of some of the more heavily publicized credits like the first time home buyer tax credit. (A side note: There is still time to take advantage of this GREAT tax credit. If you go under contract before April 30, 2010 you can qualify!) Perhaps you also took advantage of some of the many tax credits offered in the The American Recovery and Reinvestment Act of 2009 that applied to energy efficient improvements in your home.

I found the most concise explanation of what qualifies and how much is being offered per item through the US Department of Energy site. An attractive item is a 30% tax credit on Energy Star Certified items such as AC's, windows, insulation, and roofing with a $1,500 cap. Also enticing is a 30% tax credit with no cap for alternative energy sources such as solar or geothermal through the year 2016. Be sure to check the Energy Star website for a more specific list of items that qualify and how to apply for the credits.

The federal government rolled out a plan that provides funding for rebates on energy efficient appliances. Through the Energy Efficient Appliance Rebate Program, individual states will be able to offer rebates for energy efficient appliances so check this out if you are in need of anything from a new fridge, clothes washer, dishwasher or other appliance. It varies by state so click on your state, it could mean $100's in savings.

Many of these benefits are still being offered, so if you are considering any improvement and/or appliance purchase, be sure to check the Database of State Incentives for Renewables & Efficiency. This too varies by state and offers updated information about programs and incentives in your area. You can actually combine most of these credits, rebates, and incentives currently offered and really save a bundle. Going green can actually mean making some green so do your homework and reap the benefits!