Save Energy In Your Home
In most cases, the energy in our homes comes from fossil fuels. To explain it in simple terms, we heat our homes with natural gas or oil and get our electricity from power plants which are fueled by natural gas, oil, coal or nuclear energy. The prices we pay for these fuels are constantly rising, which ends up being a direct cost to us. On top of that, there are also the environmental costs related to our dependence on these fossil fuels. Our use of these fuels leads to pollution and damage to our ecosystem.
The good news is we have options to better the situation. We can both cut our energy bills and make choices that are better for the environment. Now is a great time to do just that, as the federal government is offering substantial tax credits for home energy improvements for 2010. Don’t fret that you will have to spend upfront money to do this, because the improvements will pay for themselves over time and save money in the long run.
I will dedicate a number of articles to saving energy in upcoming weeks, beginning with ways to save both money and energy with the new tax credits.
Some of the recent tax credits issued by the government are in effect for 2009 and 2010, while others go as far out as 2016. Given the tax credits help you pay for energy upgrades and save you money in the long term, why not take advantage of them in this coming new year?
To get an idea of what’s included in these credits, I will summarize what I know. In terms of 2009 and 2010, taxpayers can receive a maximum $1,500 tax credit for making home improvements to increase energy efficiency, such as adding insulation, replacing windows and adding more energy friendly water heaters and furnaces. Up to 30% of the cost of each individual project will be covered (again, up to $1,500).
There are additional credits for installing new renewable energy systems that go through to 2016. They cover as much as 30% of the cost of the system with no upper limit. Examples of this would be solar water heaters, geothermal heat pumps and solar water heaters. There are also tax credits for plug-in hybrid cars which have planned releases in the near future.
Before in investing in any energy efficiency program, make sure to know exactly what’s covered and when. For a good summary of the current incentives, go to www.energytaxincentives.org.
This post has really caused me to think about several new issues in our world. Thanks for causing others to think.
Great read! I’ve been looking to save money on my energy costs since money is low these days. I found your post very helpful. Thank you
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We have installed a solar water heater at home and it is also as good as conventional water heaters.*;;