Mar
16
Some good news, from the Organic Consumer’s Association. If upgrading the energy efficiency of your home is in your budget, the new stimulus package includes a few attractive incentives for investing now for the long-term. There’s also a decent tax credit for buying a new hybrid car. If you have the resources to make lemonade out this economy, this may be a good place to start. Part of this $20 billion “greening” package is money set aside for investing in training for in green jobs, which pay 10-20% higher than other jobs.
1. New incentives and tax credits are now available for for energy conservation and alternative energy. Upgrading insulation, installing replacement windows, duct seals, or high-efficiency heating and cooling systems receive a tax credit worth 30 percent of the upgrade cost (maximum credit value: $1,500). The previous tax credit was 10 percent of an upgrade cost, up to a maximum of $500.
2. If you have been thinking about switching to sustainable energy, it’s worth a second look. Solar panels, geothermal heat pumps, and windmills also qualify for a 30 percent tax credit. A $24,000 investment to make a home solar-powered would generate a federal tax credit worth $7,200. Previously, the cap was $2,000 for geothermal and solar; $4,000 for wind. Add state and utility credits to this and this could add up to a sizable discount.
3. New hybrid cars now qualify for tax credits worth anywhere from $2,500 to $7,500, while plug-in conversion kits for old hybrids, now generate tax credits worth 10 percent of the kit’s cost (maximum credit value: $4,000).
For questions about home energy conservation and renewable energy options, you can contact a contractor trained by the federal Home Performance with Energy Star program.
Drafty rooms that are too hot or too cold, and high energy bills can be remedied by installing new heating or air conditioning systems, buying replacement windows, but you can get better results through an integrated “whole-house” approach that looks at your house as a system. Home Performance with ENERGY STAR is a national program from the U.S. EPA and U.S. DOE that performs a whole-house energy audits. Locally participating contractors help evaluate your home using and recommend comprehensive improvements that will yield the best results over the long term.
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