Looking to fix up your house? Here are the 10 tax breaks for going green, via Forbes.
- If you fix up your house. $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 energy efficiency. (for further reading: Energy Efficiency Home and Vehicle Tax Credits)
- Buy a new refrigerator. States are rolling out $300 million worth of rebates for home owners who replaced their clunker apps with new energy-efficient models. (check out Department of Energy approved Energy Efficiency Rebates)
- Get hot water from the sun. Solar hot water system to heat your shower or radiators (not hot tub or pool) qualify for a 30% federal credit with no dollar cap.
- Install a solar energy system. Uncle Sam will give you a tax credit equal to 30% of the price of a solar system you install to generate electricity in your home. For a $60,000 system, that's a whopping $18,000 off your taxes.
- Take the bus. Bus, train, subway, and van-pool commuters can now get equal tax benefits with those who drive solo to work an pay to park. (up to pre-tax $230 for employers sponsor plans).
- Buy a Ford hybrid. Taxpayers stuck paying the AMT can finally claim the credit for hybrid cars purchased in 2009 or 2010, but only if they buy Ford motor hybrids. (FYI: Honda and Toyota no longer qualify). Check out Alliance to Save Energy for Vehicle Tax Credits for more info.
- Plug In a Chevy Volt... slated later for showrooms in November with projected price of $40,000, qualifies for federal tax credit of $7,500. Nissan Leaf coming out in December, should also qualify for the credit.
- Bike to work. A new law lets your employer reimburse you $20 a month for bicyle commuting as tax-free fringe benefits. Can't take both with train, it's one of the other.
- Dig for heat. Uncle Sam will give you a tax credit for 30% of the cost of geothermal heat pump system that feeds off the warmth in the ground to heat your home.
- Put a windmill in your yard. A basic residential windmill runs $40,000, but you can get a federal tax credit equal to a full 30% of your windmill cost.
For further reading you can check out few sites:
- Alliance to Save Energy: Energy Efficiency Home and Vehicle Tax Credits
- Energy Savers Rebates, Tax Credits, Financing: Approved Energy Efficient Appliance Rebates
- Virginia Energy Efficient Appliance Rebate Program
- Maryland: Residential Incentives and FY 2010 Comprehensive Program Guide
- Green DC: Energy Star Appliance Rebates
- DSIRE: Database of State Incentives for Renewables and Efficiency