Tax credits for purchasing eligible energy saving appliances, as well as energy savings on home improvements are now available. Tax credits, which means money subtracted straight from your tax bill, are currently available for energy saving efforts at home. Eligible purchases include appliances such as water heaters, air conditioners, refrigerators, freezers, washer and dryers.
Other energy saving efforts that may qualify would be additional insulation and insulated windows. More expensive undertakings such as solar water heating systems rules are more complicated.
For additional information the Energy Star website can give you all the details regarding the tax credit of $1500 available for 2009 and 2010.
Your utility company may be able to help with energy audits, and they often have good prices on some appliances such as hot water heaters.
When you combine the energy savings from newer appliances or home upgrades, with the additional savings from the tax credit, the payback time-or the time it takes for the annual savings to pay for the item purchased or return your total investment-is very favorable. But only if you meet these criteria:
You truly need the appliance or upgrade, and it is not just because you love the new features of the latest side by side refrigerator. You won’t have to go in debt to purchase. Do not be enticed by a no-interest loan. If you are a day late with a payment, all the interest from the total amount is added back, usually at a punishing rate-not worth the risk. If you will be staying in the house for at least five years-to get full advantage of the savings on the utility bills.
The big box stores usually have information available to help as well.
Dr. Dean is an established and successful OBGYN, and professional author. He can be reached at Info@TheMillionaireNurse.com or 229.220.0339 http://www.themillionairenurse.com
