Going Green....just got a bit Greener....as in Money !

The IRS has NEW tax credits that allow a taxpayer to purchase and install certain energy efficient products and get a terrific tax credit.....so you're getting paid to go GREEN !

NEW TAX LAW

Thanks to changes in the tax law, the Federal government will help pay the cost of making your home more energy efficient.

o   $1500 - You can save as much as $1500 in taxes by installing certain energy-saving products in your home (not a rental or investment property) during 2009 and 2010.

o   Examples include:

      1)   Ceiling Fans
      2)   Skylights in your ceiling (Exterior Window)
      3)   Furnace (Natural Gas, Propane, or Oil) or Hot Water Boiler
      4)   Exterior Doors & Windows (Energy-efficient)
      5)   Insulation Material or System
      6)   Metal Roof with either Pigmented Coating or Cooling Granules
      7)    Electric Heat Pump Water Heaters, Qualified Electric (not Geothermal) Heat Pumps
      8)   Qualified Central Air Conditioners
      9)   Qualified Stove with Biomass Fuels

HOW DOES THIS WORK?

o    The Federal Government gives you 30% of what you spend on certain energy-saving products.   For example, if you spend $5000 on new windows, you would qualify for the full $1500 tax credit.

o    The $1500 tax credit either reduces your tax bill (if you owe) or increases your refund by $1500.

o    Think of it this way: THE GOVERNMENT IS GIVING YOU MONEY TO HELP YOU SAVE ENERGY ! (AND SAVE MONEY)!

A FEW SIMPLE RULES TO FOLLOW TO CLAIM THE CREDIT

o    The products you buy must meet energy saving standards (as shown on www.Energystar.gov, or specifically at: http://www.energystar.gov/index.cfm?c=tax_credits.tx_index), and

o     The improvement must be to your MAIN home (NOT to a Rental or Vacation home)

o     The $1500 limit is for 2009 and 2010 combined (not per year), so if you've received the $1500 credit in 2009 you cannot claim it again in 2010. (See IRS factsheet for more details: http://www.irs.gov/newsroom/article/0,,id=206875,00.html)

So, give your home an "Energy Makeover" !

Enjoy your new greener life !

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