Take Advantage of Tax Credits On Home Renewable Energy Projects
Thursday, July 30th, 2009 Subscribe To Our Feed
Despite the economic recession and the slowing of worldwide energy demands, the world price of crude oil has gone from approximately $33 per barrel to over $60 per barrel. Just think what will happen with energy prices once the economy has strengthened and more people have gone back to work!
You need to ask yourself how you can best protect yourself and your family from future energy price bubbles and supply disruptions. This may be the perfect year to finally undertake those projects you have been contemplating to decrease your reliance on the utility company to keep your home warm (or cool) and lighted.
Once you have access to a home solar or wind power system, you can begin to receive financial benefits on your invested dollars and also increase your energy independence. And, for the do-it-yourselfer, your investment will be even more profitable.
The economics of home renewable energy systems look better all the time as up-front costs decrease and prices for fuel rise. And, if you live in the United States, you can now take advantage of renewable energy tax credits which were restored and expanded in the “economic recovery” legislation passed in 2009.
Since laws and tax regulations are subject to change, you should consult with your tax advisor before claiming energy tax credits, but following is a short summary of the credits available as of May 2009:
- A federal tax credit up to $1500 for 30% of the cost of adding insulation, installing new windows, caulking cracks, and other expenditures for “tightening up” your house to conserve energy. This credit applies to investments you make by 12-31-2010.
- A similar credit and deadline for investing in more efficient heating, air conditioning, and ventilation systems for your home.
- A federal tax credit with no cap for 30% of costs incurred by 12-31-2016 for investments in renewable energy systems for your home, including solar thermal, solar electric, wind power and biomass fuel systems.
- A federal tax credit for purchasing diesel, hybrid and electric cars.
If you are handy and want to increase your energy independence and save money in the process, you can build your own solar electric and wind energy systems for your home or business. Visit the following link for a review of three excellent DIY home energy systems how-to kits: DIY Solar and Wind Energy instruction kits reviewed.
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