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You may have heard of tax breaks for "greening" up your life, but did you know that so many
were available? It seems to be common knowledge that you get incentives for buying a hybrid
vehicle, but others are offered for incorporating green technologies into your home renovation
projects. Eco-friendly technologies are not only good for the environment, but can also add a
little green to your wallet by way of energy payment savings and tax breaks. Here are some ways
to take advantage of these federal tax incentives:
• How does a tax break of $250 to $3,400 sound? Buying a hybrid, alternative-fuel, or
lean-burn diesel vehicle can give you just that. The amount you'll receive will depend on the
weight of the vehicle and the amount of gas saved. Buy two of these vehicles for an even bigger
incentive, as you get once tax break per vehicle.
• Exterior windows or skylights that meet IECC standards can net you 10% of the cost
or $200.
• Eco-friendly exterior doors are eligible for 10% of cost or $500 in incentives.
• Metal Energy-Star roofs are worth 10% of cost or $500.
• Swimming pools or hot tubs heated with solar power can qualify you for 30% of their
total cost, up to $2000.
• Certain eco-friendly insulation can qualify you for 10% of cost or $500.
• Energy-efficient central air conditioning units, geothermal or air source heat pumps,
gas, oil, propane, or electric heat pump water heaters all qualify for a $300 incentive per
improvement.
• Swimming pools or hot tubs heated with solar power can qualify you for 30% of their
total cost, up to $2000.
• Advanced main air circulating fans qualify for a $50 refund.
• Gas, oil, or propane powered furnaces or hot water boilers allow you to claim
$150.
Each state also offers its own tax breaks. Be sure to check your local tax codes for further
incentives before making vehicle or home improvement purchases. Be sure to take advantage of
these refunds, you'll be able to upgrade your current automobile or home with a clear conscience
while saving some serious cash!
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