Under the 2008 bailout, the federal government offers tax credits for home energy efficiency improvements of up to $1,500. You can get this money by adding qualifying windows, doors, insulation, roofs, heating and cooling equipment, and water heaters to your house by 2010.
There are also renewable energy tax credits (not just deductions), of up to 30%, for solar and small wind energy systems. If you are looking into solar water heaters, a less-expensive system would cost around $4,111 instead of $9,135 after a 30% federal credit. If you purchase a hybrid car, you can get a tax credit ranging from $250 to $3,500 depending on the characteristics of the car. (A tax credit lowers your tax bill dollar-for-dollar, versus a tax deduction, which takes money off of your taxable income.) To learn more, email us.
