We all know that going green can be good for the environment. But can it save you money, too? From federal tax credits to energy-efficient appliance rebates, going green can be a great way to afford home improvements that ultimately 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 low water pressure. Thanks to technological advancements and the spike in home heating and cooling costs, green investments are now paying off for homeowners.
For example, according to the U.S. Department of Energy, water heating accounts for 14 to 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:
Energystar.gov lists several federal tax credits available for energy efficient home upgrades. These include installing water-to-water geothermal heat pumps, small wind turbines and solar energy systems. To qualify, you’ll need to have installation complete by December 31, 2016.
Be sure to keep all receipts pertaining to your purchase and installation, along with the Manufacturer’s Certification document stating energy efficient regulation compliance.
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.