While energy is more expensive this year, I’ve done a good job so far of keeping the cost of heating my apartment comparable to my expenses last year. Today, I noticed an article describing little-known tax credits available for those who upgrade their homes for better energy conservation.
Some of the upgrades are expensive, and the tax credits seem miniscule in comparison. Keep in mind the upgrades have to meet a standard of energy efficiency to qualify. The theory is the new systems will save you money in the long run through reduced heating bills. Here are some of the examples, and the article provides more information.
* Central air conditioning, typically $3,000 to $6,000, will result in a credit of $300.
* An electric water heater, usually $500 to $600, will provide a credit of $300 as well.
* Windows and skylights, costing $150 to $400 plus installation, will result in a credit of 10% of the cost up to $200.
Every once in a while, the government likes to provide a small incentive (or perceived incentive) for being more environmentally conscious — and supporting the economy at the same time.