As the year is winding down, you may be considering some ways to lesson your 2009 tax burden. Should you take advantage of the federal tax credits Congress has provided certain energy efficiency expenditures? Well, maybe. This post is intended to help you understand these tax credits of energy expenditures and decide if they are for you.
Photo via marchetti via Flickr
First, an overview of credits available through The American Recovery and Reinvestment Tax Act of 2009:
Existing Homes Only
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If you are considering a
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If you are considering a water heater or HVAC system, compare the estimated annual usage expenditures to learn what each option testking rapidshare should cost to operate, then divide the annual energy cost savings into the extra you pay for the more efficient system to learn how many years of energy savings testking comptia it will take to recoup that additional upfront cost of the more efficient unit. This nifty calculator will make it a breeze. For example, if ccna testking the qualifying HVAC costs $8,000 and saves $400 annually over a less efficient system that costs $6,000, you would recoup your upfront cost in five years ($8,000 minus $6,000 = $2,000 extra upfront. $2,000 divided by annual savings of $400 = five years). If you use all your tax credit for this HVAC, you could subtract the credit of $1,500 from the $8,000 cost for an “after tax” cost of $6,500, allowing you to recoup the extra (now only $500) in a little over one year. Obviously, this is something you should do.