Free “Green” money!
Last month the “Emergency Economic Stabilization Act of 2008” was signed into law – a barely publicized “sweetner” to the Bill was an unlimited tax credit for installing some solar energy systems.
Solar Water Heating systems are approved for 30% of the cost of the system or up to $2,000. If you install Photovoltaic Systems (electricity via solar power) to your home you can claim up to 30% of the total cost! That’s a potential credit of around $7,500-$9,000 based on the cost of typical system.
Other items that are considered “energy efficient home improvements” are replacement windows, insulation, small wind energy systems and non-solar water heaters. The max claim amount allowed is up to $500 for these types of improvements.
How it works is if you install qualifying energy efficient products into your home from January 1, 2009 through December 31, 2009 you will earn tax credits. 2008 installations do not qualify for the tax credit so you’d better wait.
So now you can be rewarded for taking the time to make energy efficient improvements to your home and help save valuable resources at the same time.
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