The federal government is going all out with its green energy initiatives. One of the ways it’s doing this is by incentivizing the program, ie, giving tax credits to homeowners for making their homes more energy efficient. Following is an overview of one such program for the year 2010 that can help Texas electric customers.
FAQs: How to Get Federal Tax Credits for Energy-Efficient Home Improvements Made in 2010
How do I get the tax credit? Basically, you have to make the improvement/purchase qualifying products and “place them in service” during the year 2010. You then claim the tax credit when you file your taxes next year.
How much of a tax credit can I get? The maximum amount is $1,500. The credit is 30% of cost. So in essence you get to spend $5,000 and get a credit for 30% of this.
Does this apply to products/improvements I make on my rental and/or vacation properties too? No, it must be your primary residence.
Which products/renovations qualify for the tax credit? Following is a partial list. Consult the Energy Star website for full details.
Windows and doors; insulation, metal and asphalt roofs, HVAC (including air conditions, heat pumps, furnaces and boilers; water heaters; and biomass stoves.
How to Lower Your Texas Electric Bill for $0
Don’t have any money to spend on energy-efficient home improvements? It’s okay; you can still save on your electric bill. How? By doing some comparison Texas electric company shopping.
Traditional Texas energy providers offer a host of money-saving options for budget-conscious consumers, eg, the LITE-UP Texas program. With this program, you can save money on your energy bill five months out the year (May through September)? And, it’s a no-deposit electric service plan.
Plans like this are ideal for consumers who are currently on prepaid electric service plans because they can significantly lower your energy bill during the five most high-consumption months of the year. And it needn’t cost a dime. All you have to do is call your Texas electricity company to get full qualifying details