Plus, the cost of fossil fuels is climbing again and will likely continue until the time comes when there literally is no more to be had.
Doing everything possible to reduce our use of energy in the home goes beyond our desire to keep U.S. dollars here at home.
It’s imperative that we do everything we can to support new technologies that are aimed at removing our reliance on oil and other resources that at some point in time will just run out.
Fortunately, the federal government is seeing the light on these issues.
And because of our rather lackluster economy, the government is now offering a multitude of incentives aimed at encouraging homeowners to invest in upgrades and home improvements.
The goal is not only to help reduce our use of fossil fuels, but also to provide an avenue for homeowners to make longterm money-saving improvements to their most important investment: their homes.
There is one problem with having this long list of incentives that TV commercials and news broadcasters have seemingly addressed in a rather piecemeal manner… how is one to know if they’ve heard about all of the possible homeowner-related tax breaks?
Confusing For Homeowners
The list of incentives is rather long and can be somewhat confusing.
It includes everything from new construction to some of the most run-of-the-mill maintenance and repair issues as possible candidates for financial payback to you as a homeowner.
Some homeowner incentives are a flat dollar amount if your new construction meets certain energy efficiency requirements, while other incentives are figured on a percentage of cost for the improvement.
All reimbursement is contingent on meeting specific requirements on an item-by-item basis. That’s a lot of information to find. We’re going to try to make this chore a little easier for you.
This video helps explain the Energy Efficiency Tax Credits for homeowners:
Specific Details For All Homeowner Tax Credits
In an effort to collect as much of the needed information about tax credits, rebates, and energy incentives in one location, we have gathered all the best links regarding homeowner tax credits:
- Quick Guide to Federal Tax Incentives for Energy Efficiency
- Federal Tax Credits For Energy Efficiency
- First Time Home Buyer’s Credit (new details & extended til June 30, 2010)
- Energy Star Facts & Figures
- U.S. Dept of Energy Tax Breaks
- Homeowner’s Energy Efficiency Tax Credits Extension
- Rebates For Energy-Efficiency Building & Products
- Home Sweet Homeownership Tax Breaks
- Credits, Rebates, and Loan Programs Forum
- Federal Tax Credits for Energy Efficiency
$8,000 Tax Credit For First Time Homeowners
One of the more lucrative tax credits available is the First Time Homeowners Tax Credit. Amounting to $8,000 this is one financial incentive you don’t want to miss!
As with most programs there are special requirements and conditions that need to be met. Surprisingly, the definition of a “first time homeowner” is liberal enough to include some who have owned a home in the past!
Here’s how to qualify for the First Time Homeowners Tax Credit:
Now’s The Time!…
Even if you haven’t been planning on remodeling or upgrading your home, now is definitely the time to take a serious look at the possibilities. These tax incentives will go a long way in stretching your budget and will not only pay you back now through tax credits and refunds, but they will continue to pay you back as you save energy in the future!
You can even look at it as doing more than just something good for you and your family. By investing in energy saving improvements you’re helping to return our country to a good economy, while furthering the development of alternative energy applications and creating jobs for the future.It’s a win-win for everyone.