Energy Rebates: Going Green Can Save You Money
We all know that going green is good for the environment. But can going green save you money, too? From Federal tax credits to energy-efficient appliance rebates, going green is a great way to afford home improvements that lower the cost of your heating and cooling bills.
A decade ago, many people (me included) associated green homes with having unsightly solar panels and poor water pressure. Thanks to technological advancements and the spike in home heating and cooling costs, green investments are now paying off ten-fold for homeowners.
For example, according to the U.S. Department of Energy, water heating accounts for 14-25 percent of the energy consumed by your house. Installing an energy-efficient water heater under the appliance rebate program can pay for itself in just a few years. Thinking about upgrading your home? Here’s what you should know:
Federal Tax Credit
Under the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 you may qualify for a federal tax credit for installing energy efficient windows, doors and skylights. To qualify for an Energy Efficiency Tax Credit, you’ll need to have installation complete by December 31, 2011.
- The tax credit covers up to 10 percent of the product cost; installation is not included.
- The rebate is capped at $200 for windows and skylights and $500 for doors.
- Tankless water heaters with an Energy Factor of at least 0.82 or a thermal efficiency of at least 90 percent qualify for a 10 percent rebate on the product costs, up to $300.
Be sure to keep all receipts pertaining to your purchase and installation, along with the Manufacturer’s Certification document stating energy efficient regulation compliance. Look for the “ENERGY STAR” label to be sure your product is qualified.
State Appliance Rebate
In addition to federal tax rebates, the Department of Energy has approved an appliance rebate program for states and territories. Depending on your state, eligible products include refrigerators, washing machines, dishwashers, room air conditioners, central air conditioners, gas storage water heaters, heat pumps, and gas furnaces.
Not all appliance rebate programs are still active in every state; check the EnergySavers.gov website for a full list of active rebate programs.
For more information about going green and green living, visit Allstate.com.
Check out more home-related topics on Allstate.com.