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Federal Energy Tax Credits About to Expire

Joseph Coupal - Tuesday, November 15, 2011

If you have not taken advantage of the energy tax credit, the time is now.  Several federal energy tax credits originally slated to end in 2010 were extended through December 31, 2011.

Here's how the energy tax credits work:

You may claim a credit for 10% of the total cost of various home energy-efficiency products for your existing primary residence, including: insulation and biomass stoves.

For biomass stoves, the maximum combined credit is $300 (10% credit for the purchase of a 75% efficient biomass stove, insert or fireplace).

For other qualifying products, the maximum combined credit is $500 (10% percent of $5,000 in total cost) for all allowable products purchased between 2006 and 2011.

Tax advantages are just one of many reasons to conserve energy. Besides helping to protect the environment and reduce your carbon footprint, you can also save a lot of money on home heating. According to the Department of Energy, you can reduce your heating and cooling bills about 10% per year by simply turning your thermostat back 10°-15° for eight hours. Supplementing you home heating with a wood or pellet stove can let you do this.

Other cost-saving ideas include:

Insulate your home. Up to 30% percent of heated or cooled air can be lost through leaks, so add weather stripping and caulking wherever air escapes.
 
Heating water is the third-largest home energy expense, after heating/air conditioning and electrical appliances, so try lowering your water heater temperature to 120º F or lower.

Install tempered glass doors and a heat-air exchange system to your fireplace to re-circulate warmed air; and always close the damper when not in use.

Bottom line: Take advantage of financial incentives available to make your home more energy efficient, now before the winter's chill.

Contact Custom Insulation Co. for more information on making your home more energy efficient.

Excerpts from Huffington Post




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