Go Green Get Green

Thanks to our shiny new president now is the best time to upgrade to green! Because the new stimulus package wiggled some tax rules around, the switch to energy efficiency is now even more forgiving on your wallet. Scott Cooney at redgreenandblue.org spelled the benefits out for us.

First, the tax credit for energy efficient upgrades went up from 10% of the cost to 30%. Then we have an increase in the maximum tax credit you can recieve, it went from $500 to $1500. If you spend a whole bunch of money on something big like solar panels, then you can get more than $1500 back. And the $200 credit cap on efficient windows has gone up as well as the standards to get the credit. Some people might mope about having to put in the extra bucks for the better windows, but we wouldnt want anybody getting money for iffy upgrades, we want it to be worth it! So I actually approve of the more strict window rules. And for all the small businesses you can get a loan for construction work that ups your efficiency, or Energy Star appliances from the Small Business Association.

So not only does upgrading pay itself off in the long run, but now youre getting bigger tax breaks. After a certain point, you’re getting paid to do it. So I don’t want to hear its too expensive. Just do it.

Published by: Ashley (intern)

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One Response

  1. Good stuff. Be careful as there are specific requirements for all of the measures. A couple of things to consider: There is still an open question regarding whether the 30% applies to the cost of materials only or to the total installed cost. Previously the provision was for material only–it appears to be the case now, but it’s not completely clear.

    I provide a couple of good links to specific requirements at http://greenhomesamerica.wordpress.com/2009/03/05/arra-stimulus-package-1500-home-energy-improvement-tax-credits-redux/ And I will be posting updates as they become available.
    Note also the the cap on solar thermal and solar PV systems has been removed (along the lines of geothermal).

    Thanks,
    Mike

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