Making Your Home "Green"? Get Tax Relief From These Green Energy Credits

Did you know that converting your home into an energy-efficient environment saves money on monthly service bills as well as taxes? If you renovated your home or are planning to do so, have a look at these energy tax credits! They will provide you with some tax relief, helping you to save plenty of money in more ways than one!

Windows, Doors, and Skylights
Do you want to change the windows in your house to save on heating and cooling costs? You can do so by making it energy efficient with a tax credit for 10 % of the total cost. This is $200 per window and $500 per door or skylight. It doesn’t matter how many you would like to be replaced. There is no labor charge included – only the price of the specific items. To claim the credit, they are required to be EnergyStar rated. Not only will you save on your monthly energy bills, you can get some tax relief as well!

Solar Energy Systems
Thankfully, the sun is there for us to use at no charge, which is a tremendous relief when nothing in the world is “free” these days. With the invention of solar energy systems, the price of energy has greatly decreased. Setting up a solar energy system in your home will permit you to obtain a credit of 30% of the price. In addition to that, the cost of the system set up is also incorporated in the 30%.

Insulation
Installing a spare insulation in your home is inexpensive, fast, and extremely efficient in reducing your cooling and heating bills. You can receive a tax credit for 10 % of the price of insulation, minus set up and labor costs, for up to $500!

Residential Wind Turbines
If you live in an area that experiences extremely strong winds, then a wind turbine would be appropriate for your home, as long as it is not on leased property. A wind turbine can be installed to generate electricity. The capacity however is required to be below 100 kilowatts in order for you for you to claim the credit. You can receive a tax credit of 30% of the parts, set up costs, and labor for the installation.

Fuel Cells
These systems transform stored fuel into heat or electricity. They play a major role in causing a major reduction in the sum of carbon dioxide emitted in your home. This in turn reduces your “carbon footprint” (a term that everyone is talking about these days). Fuel cells are costly to set up, but at least you can take a credit of 30% of the cost to help you make up for the price tag.

Who knew that conserving the environment can help you save money in more ways than one! If you choose to go down the road of energy-efficiency when upgrading your home, consult your merchant to ensure that you are buying the appropriate equipment that qualify for tax credits and be sure to keep your receipts for documentation supporting your claims!

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Source by Robert L. Daniel