March 26, 2012

10 Ways To Get "Green" Tax Breaks

Uncle Sam wants you to green up your act! The United States government is offering tax incentives and credits to people who renovate their homes with energy-saving technologies and/or buy hybrid vehicles. These technologies usually save money, and with an added tax break, you'll be raking in the dough.  Here are ten ways to claim federal tax credits and incentives by doing eco friendly stuff:

1. Buying a hybrid, a car that runs on alternative power, or a lean-burn diesel vehicle can net you a tax break of $250-$3,400. This refund is dependent on the amount of gas saved by the engine and the overall weight of the vehicle. If you buy two hybrids, you get two tax breaks.

2. People who buy and install energy-efficient windows, insulation, roofs, doors, air conditioners and central-heating units can receive a $500 tax credit.

3. If you have a swimming pool or hot tub heated by solar power, you can recoup thirty percent of your expenditures, unless it exceeds $2,000. In those cases, you would just get a refund of 2k.

4. You can recoup 10% or $200 from a green exterior window or skylight installation as long as they meet IECC standards.

5. Replacing exterior doors with eco-friendly ones will net you 10% or $500 dollars back.

6. With a metal, Energy-Star roof you can reclaim 10% or $500.

7. Certain types of insulation will allow you to recoup 10% or $500.

8. Greening up your central air-conditioning unit, utilizing geothermal heat pumps, installing air source heat pumps, putting in a gas, oil or propane water heater or an electric heat pump water heater will entitle you to garner a $300 dollar tax credit for each qualifying improvement.

9. A gas, oil, propane furnace or hot water boiler installed in your home will make you eligible for a $150 tax credit.

10. An advanced main air circulating fan allows you to claim a $50 refund. Every state has its own tax breaks. Make sure to utilize those as well. If you plan to go green, check the tax code first.

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