Green Tax Breaks

Like I keep saying, that which is good for the environment is also good for us and our finances. And that is even more so when you consider that environment friendly decisions can get you some very useful tax cuts. Although global oil prices have eased a great deal since I did a post about tips to save gas, it still pays to be energy efficient in terms of your home: heating, cooling, insulation, etc. not only for the savings in terms of the energy consumption bills but also in terms of the tax credits you get.

The reason that the government gives you tax breaks is so that you are encouraged to make purchases that reduce energy consumption on the whole, lowering pressure on grids and helping you reduce you carbon footprint and therefore lowering emission and pollution levels.

So if you want to avail of some tax breaks then you can make certain energy saving alterations / additions to your home. According to the Washington Post, homeowners will qualify for credits to help with the cost of installing top-efficiency windows, doors, roofs, heating and air-conditioning systems, and water heaters. Windows, skylights and storm windows will qualify for a credit of 10 percent of the cost, with the credit capped at $200 and central air-conditioning systems and heat pumps will qualify for $300 credits. If you are thinking about forking out for residential fuel cells or solar panels, with which you can generate your own electricity (solar generated electricity is free remember) that will give you even bigger tax credits and you have until 2016 to have these devices installed.

For more information about green tax breaks, look here. For Green tax breaks you can also take a look here.

Another exciting bit of news that I read informs me that the federal government will help chip in as much as $7500 towards buying a fuel-saving vehicle such as hybrids and electric cars. Lots of reasons to go green then! Meanwhile I thought this was hilarious, so put in here for your enjoyment:

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4 Responses to “Green Tax Breaks”

  1. I found your blog on google and read a few of your other posts. I just added you to my Google News Reader. Keep up the good work. Look forward to reading more from you in the future.

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  2. [...] interesting concept. Lastly, Nicole, one of the top October commentators, has a post about getting Green tax breaks…she has more than a few good tax related links in this post like how to get up to $7500 [...]

  3. Providing members of a nation with tax breaks in order to direct them towards a preferred behavioral pattern is one way to use positive reinforcement to bring about new habits. At the same time, it tends to bring about scammers and other types of individuals that are intent on using the notion of “going green” to build up their business, with no concern for the movement.

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  4. Many of the people in the area I live have taken advantage of the green home tax breaks. It is a great way to save money on taxes as well as on energy bills.

    Reply

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