Your Taxes: How Going Green Will Save You Green
- Work and Money
- Architects of Change
Carolyn "The Healthy Voyager" Scott
Tax season is about to wrap up, but you can get some savings in just under the wire (lucky procrastinators!) or plan early for next year.
Outside the usual deductions, donations, etc., did you know that becoming eco-friendly will help you save on your taxes? If you did any of the following in 2009 (or plan to this year), you can save yourself some serious dough:
- Energy efficiency is key in 2009, so if you installed energy-efficient windows or an energy-efficient boiler or furnace this year, claim it. You can qualify for a tax credit of up to $1500 for doing so, in addition to saving money on your energy bill. However, be sure to check updated criteria for which products qualify before you claim. You can find this information at the Energy.gov site.
- If you installed a geothermal heat pump (pump used to heat and cool your home), up to $2,000 of the installation cost can be used as a credit.
- 30 percent of the cost of installing a solar power system in your home can be claimed on your ’09 taxes. Such systems include geothermal heat pumps, small wind turbines, ground source heat pumps and fuel cell systems. This credit will be available for the next 8 years, so if you missed it, get a head start on next year.
- Installation of a fuel cell or microturbine system in your home will get you a $500 credit for every half kilowatt of capacity within the system. This credit is also available through 2016.
- The first 250,000 buyers of a plug-in hybrid vehicle get to claim a fat $7,500 tax credit. For eco-conscious daredevils, those who purchased electric plug-in motorcycles can receive up to $2500 credit. If you’re handy, you can get up to a $4000 credit for converting an existing vehicle to a plug-in.
- You can receive one of the largest credits if you have (or will by 2014) installed a clean fuel refueling system in your vehicle. This addition to your auto will reap you a whopping $50,000 credit for a natural gas refueler or a recharging system for plug-ins and an even more hefty $200,000 for a hydrogen one!
- Research the credits available in your state, as each has it’s own list of incentives and credits.
Good luck & have a money-saving tax season!
For more information, visit www.healthyvoyager.com
Carolyn Scott is the executive producer, creator, host and writer of The Healthy Voyager brand. Her web series, radio show, site, blog and social network show you how to live, and travel, healthy & green.
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