Federal Tax Credits: Even More Ways to Save Money!

If you read this blog a lot, you are probably aware that I often write about saving money. Honestly, who doesn’t like to save money especially during these truly challenging economic times?  Recently, the government put a new “Federal Tax Credits for Energy Efficiency” in place for 2009 and 2010.  This will be great!  There will be federal tax credits for 30% of the cost for up to $1,500 (if 30% of the product you bought is higher than $1,500, you will not receive more money than $1,500) for the following products:

•  Insulation
• Windows and Doors
• Roofs (Asphalt and Metal)
• Water Heaters (non-solar)
• HVAC
• Biomass Stoves

You have to be careful, because not all new products guarantee that you receive the tax credits.  Make sure to check that they do, because they have to have a high enough energy efficiency.  Not all Energy Star products apply!http://www.energystar.gov/index.cfm?c=products.pr_tax_credits <- check out this website for all the information on what works and what doesn’t. There is even better news!  For other certain types of products you can receive a Tax Credit for up to 30% of the cost with no upper limit continuing through 2016.  The products that this pertains to include the following:

• Geothermal Heat Pumps
• Solar Panels
• Solar Water Heaters
• Small Wind Energy Systems
• Fuel Cells

Remember!  There are some restrictions. Be sure and check out the above website for more information.