Tax Breaks for Going Green!

Whether you're planning on buying a refrigerator, remodeling your home, upgrading your heat, there's a tax break for going green in 2010--and often beyond. You can save $50 on a fridge, $1,500 on new windows, or thousands on a solar power system.

Home Remodel
You can get $1,500 off your tax bill--a 30% credit for the first $5,000 you spend in 2009 or 2010 for improvements to your house's energy efficiency, including new windows, doors, furnaces, air conditioners and insulation. For the energy-efficiency standards you must meet, see the consumer guide at Alliance to Save Energy. You can get the full $1,500 even if you claimed the old, now expired $500 home energy credit.

Refrigerators
States are rolling out $300 million worth of rebates for homeowners who replace their clunker appliances with new energy-efficient models. Your take will be small--$50 for a fridge, $500 for central air. The rebates are typically offered in addition to existing rebates from manufacturers and utilities. The Department of Energy has a list of Approved Energy Efficient Appliance Rebate Programs, click here.

Solar Hot Water
Solar hot water systems to heat your shower or radiators (but not your hot tub or pool) qualify for a 30% federal credit, with no dollar cap. With solar hot water systems costing $6,000 to $10,000, this investment can have a fairly quick payback, especially if you're replacing an electric hot water heater. The credit is available through 2016 and can be claimed against the AMT.


Handyman Matters San Diego
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Email: SD.Services@HandymanMatters.com