Categorized | Green

Green improvements can save you some green on April 15th

Now that you know how to file your taxes online, let’s look into some of the great “green” breaks that are available.

The American Recovery and Reinvestment Act of 2009 extends the consumer tax benefits for homeowners who make energy efficient home improvements through 2010. It also triples the tax credits available and removes the cap on geothermal heat pumps and solar water heaters through 2016.

This means that if you bought certain energy-efficient appliances, installed solar water heaters, or drive an energy-efficient vehicle, then you can receive a tax credit on those products.

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Credits are different than tax deductions. You claim the credit on your federal income tax form, and the credit either increases the tax refund you receive, or it decreases the amount you owe.

Different products will receive different credits.

There’s a detailed graph explaining the amount of the tax credit you can receive for different hybrid vehicles at fueleconomy.gov.

To find out the credits available on different home improvement, check out the Alliance to Save Energy’s graph.

The federal government isn’t the only one offering incentives for green improvements. Check out your state’s incentives at the Database of State Incentives for Renewables and Efficiency.

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This post was written by:

- who has written 214 posts on BeGreenMinded.com.

A stay-at-home mom looking for ways to help the environment and her pocketbook at the same time. She lives in the south and welcomes any advice on ways to go green while saving some green.

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