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Tax Credits For Energy Expenses Essay

545 Words3 Pages

While most people understand the environmental benefits of energy efficiency - both a reduction in electricity generation based carbon dioxide emissions and a reduction in our dependency on fossil fuels - not everyone understands all of the real financial benefits. What many people know is that energy efficiency saves you money by reducing the amount of electricity you use. What many people don't know is that the United States government offers tax credits for energy efficiency. Federal Tax Credits For Energy Efficiency A tax credit from the federal government can offer real consumer savings. Not in the long term, but in the short term - whenever you file your income tax. Unlike deductions, which only reduce the amount of income which is subject to …show more content…

If you find yourself in any of these categories you should reference the Energy Star Federal Tax Credit information page: http://www.energystar.gov/index.cfm?c=products.pr_tax_credits If you want to apply for any of these tax credits it is important to move fast. According to Energy Star, "As of December 31, 2007, most of the residential tax credits (windows, doors, roofs, insulation, HVAC, and non-solar water heaters) expired. You have until April 15, 2008 to report these credits on your 2007 taxes." For those parties interested in water heaters and solar panels they have a bit more time. Energy Star states that "tax credit for solar water heaters and solar panels remains in effect through December 31, 2008." What Qualifies For A Tax Credit? While some Energy Star rated products qualify for tax credits it's important to realize not all do. To maximize energy efficiency these tax credits have been reserved for only products that offer the very highest efficiency levels - which are typically much more expensive than comparable

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