Get additional savings while saving energy with a federal energy tax credit.
The IRS offers a lot of incentives to help you cut energy costs and encourage the use of alternative energy. The Energy Policy Act of 2005 (EPACT) introduced these tax credits and they were later extended through the American Recovery and Reinvestment Act of 2009.
These policies help protect the environment and reduce our dependence on foreign oil.
Look through this list of tax credits you can take advantage of.
Get a $1500- tax credit by purchasing and installing energy efficient products into your main home between January 1, 2009 and December 31, 2010.
The products that are eligible for this deduction include
energy-efficient windows, insulation, doors, roofs, heating and cooling
equipment, and even certain
Update: Due to new legislation you can still get a $500- for home improvements done in 2011.
Find out more details about the home energy tax credits.
Want to go green by adding renewable energy systems to your home? Now is the time.
The IRS is offering a 30% tax credit of the cost of residential renewable energy systems like solar energy systems (like solar water heating and solar electric systems), geothermal heat pumps, small wind systems, and residential fuel cell and microturbine systems. This credit is for systems placed in service from January 2006 until December 31, 2016.
This federal energy tax credit was made to encourage the use of
alternative energy cars. The amount of the credit varies according to
the make and model of the car. Also, the amount of the credit phases out
as the manufacturer sells a certain amount of cars.
Except for the federal tax credits available for energy reduction, you might be eligible for additional incentives from your state or local utility.
Updated December 30, 2012
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