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By Laurel Hopwood
For homeowners thinking about how to cut their energy bills, money
can be saved thanks to new and renewed federal tax incentives for
energy saving home improvements.
The payback time in energy savings will vary depending on the project
and the going cost of energy: a couple of years for insulation,
perhaps as much as 15 years for major systems.
Examples include:
- For home improvements such as insulation, caulking, energy-efficient
windows, doors and roofs, non-solar water heaters and certain
high-efficiency heating
and cooling equipment: tax credits up to $500, depending on the item.
Improvements must be put in service in 2009.
- Solar energy systems: tax credit for 30 percent of the cost
of hot water and photovoltaic systems placed in service between
Jan.
1, 2006, and 2016. Through
this year, there is a $2,000 cap. Starting in 2009, the cap is lifted
for photovoltaic systems, but not for solar water heaters.
- Geothermal heat pumps: tax credit for 30 percent of the cost,
up to $2,000 for systems installed from 2009 through 2016.
The U.S. Green Building Council offers a Green
Home Guide (www.greenhomeguide.org)
with information on ways to make your home more energy-efficient
and how to receive tax credits.
This site also has a wealth of info: http://www.energystar.gov/index.cfm?c=products.pr_tax_credits
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