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admin 22.07.2014

If you’re into green living, then you have plenty of incentives already to make eco-friendly improvements to your home.
You are probably already aware of the fact that eco-friendly improvements to your home have the potential to save you money. However, tax deductions could just help to make these upgrades possible by giving you back a big chunk of the change needed to create the eco-friendly and energy-efficient home you’ve been dreaming of. And when it comes to major renovations, you will be limited to only specific types of energy-saving upgrades, mainly revolving around new technology.
While most home energy efficiency improvements aren’t tax deductible, you can claim a tax credit, which is even better because it doesn’t just reduce the income you’re taxed on, it reduces the actual taxes you pay. There are two Federal tax credits that help offset the upfront expense of those energy efficiency investments that will save you on your energy bills for years to come. This credit expired in 2013, but the legislature voted to extend it so homeowners who made improvements during 2014 can still claim it. If you added insulation, replaced exterior windows or installed more efficient HVAC systems in your home in 2014, you can file for this tax credit.
The Residential Energy Efficient Property Credit rewards homeowners who install onsite energy generation equipment, such as solar panels, with a 30 percent tax credit. This is an awesome program that has helped to drive renewable energy generation installation nationally. Colorado does not offer any state tax incentives for energy efficiency upgrades or for distributed generation.
Learn more about rebates from Xcel Energy and Colorado Springs Utilities at the Energy Resource Center’s website.
If your home energy bills are unmanageable and you don’t have the financial resources to make energy efficiency upgrades on your own, contact the Energy Resource Center.
If you normally owe money during tax season, then there are likely some ways you can reduce your income tax bill. One of the main ways of reducing the tax you pay is by making sure you have taken all the deductions for which you are eligible, and itemizing them rather than taking just the standard deduction.
Tax credits can reduce your income tax bill quickly, because the exact amount of the credit — rather than just a percentage — gets knocked off your bill.
Any plan for saving energy should always start with the simplest and most basic improvements, but first, let's put things into perspective and create a clear motivation as to why the small steps are so important and can be so rewarding. The concept of saving money by making energy efficient improvements to your home or business is nothing new, but what is new is the magnitude of money you can save, now that energy prices have spiraled upwards. Any plan for saving energy should always start with the simplest and most basic improvements. For example, if you have it in mind to add solar panels to make power for your home, but have done little or nothing to first reduce your homes electrical needs, you will require a much larger solar power system and will spends an excessive amount of money to compensate for not having taken care of the little things first.
Duh, but hey, this first step is often missed, and is generally the least expensive and most rewarding step as compared to obtaining the highest ROI (Return on Investment) or how much you spend versus how much you save and how quickly you recover your costs.
Before I list any energy saving ideas, let's put things into perspective and create a clear motivation as to why the small steps are so important and can be so rewarding. Let's say you were sizing a solar power system and wanted to know how large the system should be for your home.
Since the average solar panel has an output level of 170 watts, you would need nine panels to provide 100% coverage for your lighting. Now, if you first reduce your power needs by updating your lights from incandescent bulbs to CFL's (compact fluorescent lights), you will reduce the power needs of these twenty bulbs to one-third their previous level at a cost of $3 per bulb or a total of $60 dollars.
As you read the list of energy saving ideas below, look past any initial expense or labor involved and see only that the benefits will always exceed the initial cost and effort. Also, if you wanted even more information on the rewards of making energy saving improvements, search for my book, The Rewards of Making Energy Efficient Choices and you'll obtain an even clearer idea of how to best go about saving energy in the most practical way. In cooler climates, be sure to open southern and western facing shades or curtains during the day to allow the suns free energy in.
Most of these improvements cost less than $100 each to perform and yet they can provide significant savings throughout the year. If you don't know where to get your products or aren't sure exactly what to look for, simply search online for the best energy saving products and start there, but do start. After you have taken care of all the minor energy saving improvements, you can opt to move onto more aggressive and more expensive items such as increasing your homes level of insulation, replacing doors and windows, upgrading your heating and cooling system and more.
Download 2016 Energy Credits For Homeowners Water heater $100 gas tank,water heating and treatment 0.67 energy factor, ef, or greater, must be energy star® qualified $300 heat pump water heater, tier 2 or 3.
Download 2016 Energy Credits For Homeowners Ccec’s incentives are available to homeowners for the installation of an off- peak electric heating system until may 31, 2016.

Form 5695 department of the treasury internal revenue service residential energy credits information about form 5695 and its separate instructions is at. The honourable charles sousa minister of finance budget papers 2016 ontario budget jobs for today and tomorrow. Guide to federal tax incentives for residential geothermal heat pumps declare your personal energy independence climatemaster ® geothermal heating and cooling. If you are thinking about making energy efficiency home improvements or if you have recently made them, you could find more than one financial advantage to the work you do. While the improvements you make will certainly save you on your utility bills, they could also save you on your tax bills.
The Federal government offers a tax credit, which means you will get the money back from the IRS even if you don’t pay a lot in taxes to begin with, for home energy efficiency improvements. If you get an energy assessment through the Energy Resource Center, it’s not tax deductible. The Energy Resource Center can perform a home energy assessment and help you identify the improvements you can make that will have the fastest return on in investment, factoring in the tax credits.
If you cannot afford an energy assessment, or are unable to pay for the recommended improvements, you might qualify for a free assessment and home winterization from ERC.
Energy Star items are identified by an Energy Star label affixed to the product stating it meets or exceeds the requirements of the Energy Star Program designated by the United States Environmental Protection Agency and the United States Department of Energy.
WaterSense items are recognized as being adequately water efficient by the United States Environmental Protection Agency sponsored WaterSense Program.
Bridget CohenOrlando Green Living ExaminerBridget Cohen is passionate about preserving the environment and history. Leggings you can wear during Spring and SummerThe legging is one of the most comfortable and versatile styles you can wear this Spring and Summer.
By cutting back on consumption of energy and water, reducing waste and pollution, and finding ways to make every aspect of your home life cleaner and greener, you have the ability to improve your own health as well as that of the planet. For example, installing low-flow toilets and aerated faucets could earn you a credit or rebate of some sort from your local department of water and power, not to mention the savings you’ll see on your utility bill. The tax credit law specifies that geothermal heating pumps, small wind turbines, solar energy systems, and fuel cells may all qualify, but even here there are limitations. Don’t forget that you can claim a tax credit for energy efficiency improvements you made to your home last year.
There is discussion about extending the credit even longer, though that hasn’t happened yet. The 30 percent tax credit has no maximum payout and the credit can be spread over multiple years if your tax liability isn’t big enough to take advantage of the whole credit in one year. However, the state does provide rebate programs for energy efficiency improvements and on-site generation in areas where the utility companies don’t. We help people in Denver, Colorado Springs, the San Luis Valley and all over Colorado make energy efficiency improvements for free.
Even if you typically get a refund, you can often use the same methods to get more money back every year, though the exact rules tend to vary by country and by year. One typical deduction is the one you get when you give to charity; many charities offer receipts for donations, and you should keep any such receipts received, in case the government requires proof of your generosity. If you have already tried to reduce your income tax bill with various deductions, then you may want to consider putting your money into accounts before it is taxed.
One way to get credits is to add energy-saving improvements to your home, such as additional insulation or solar panels.
Combine this increased capacity for energy savings with an increase in tax credits and grants provided by federal and state governments that can be applied to many energy saving home improvements and you have the perfect storm to motivate almost anyone to make energy efficient improvements. This is necessary to ensure your money is spent in the most productive way since the whole point is to save money and not to throw it away by spending more money than necessary for any energy saving home improvement. You need to take many things into account, but for this example, let's say we just wanted to look at your lighting needs. In most cases only a portion of the lights are being used at any time, but to get the best example of your energy needs, we'll calculate that one-third or twenty bulbs would be used in all your rooms on a typical afternoon, for a total power requirement of 1600 watts. At a cost of about $450 per solar panel, your total cost would be $4050 -- not including installation. Now that your lighting load has been reduced from 1600 watts to only 500 watts, you can now get by with three solar panels at $450 each for a total cost of $1350 plus installation.
When looking at these improvements in that light, the expenses and tasks can become enjoyable, plus you can always remind yourself that in the process of saving energy, you are being very green by helping to improve the planets environment.
Since these items can take much longer to recover their costs, it would be best to have an experienced weatherization inspection performed by a Weatherize America representative so that you can determine your best options.

But if you’re doing a lot to your home, it’s good to know that the credit is limited to $500 total, not per year. But a donation to our 501C3 is a great way to help other Colorado families live in more energy efficient housing while also gaining a tax deduction. Great to use during tax season when many homeowners spend their returns on home improvements. A WaterSense label identifying the product as meeting the requirements must be affixed to the product. The only real problem with undertaking such upgrades is that they can be fairly expensive, depending on what you do.
In order to qualify for the federal tax credit (originally created in 2011 and available through the 2016 tax year), you have to use certain products or meet certain criteria. You may only claim 30% of costs and the deduction only works for primary and secondary residences, not rentals.
It applies to geothermal heat pumps, small wind turbines and solar energy systems in first and second homes and to fuel cell technology in primary residences. In addition, many of your bills throughout the year can be deducted, meaning your deductions may include the cost of car registration, mortgage interest and property taxes. For example, you can usually place a limited amount of money into retirement accounts the minute you get your paycheck, shielding it from taxes and possibly placing you in a lower tax bracket. In many cases, taking college classes allows you to get tax credits, too, even if you take courses just for fun. Overall, you can significantly reduce your energy use, significantly reduce your carbon footprint and enjoy a greener home and lifestyle by making these low cost energy saving changes. During this period no sales tax will be collected on the first $1,500 of the sale price of a new qualifying Energy Star or WaterSense product.
Luckily, the government has devised a few ways to make the prospect of environmentally conscious homeownership a little less daunting. Of course, you’ll also realize a savings on monthly expenses when you opt to use energy-saving light bulbs, efficient electronics, and even alternative forms of energy.
For example, only some energy-star products will allow you to claim a deduction at tax time. Of course, most homeowners don’t need aA tax glossaryA worth of terminology to know that they can also write off portions of an equity line for home improvements. So, if you claimed a $200 credit in 2005 when the program launched, you can only claim up to $300 for the 2014 improvements you made. You also should try to reduce your taxable income by putting money away in different accounts before it reaches your paycheck, because this allows you reduce the amount of income that is taxed. You also may want to keep track of any expenses related to looking for a new job, because you can usually deduct what you spend for traveling, lodging, and meals during the job search as long as you are looking within the same industry as your previous position.
Your employer also may offer a health savings account (HSA), into which you can put a specific amount of money from each paycheck to spend tax-free on medical expenses at a later date.
If you plan to adopt a child, then you may find it helpful to know that many expenses associated with the adoption process are eligible for tax credits, which may offset some of the costs of adopting. And they’re doing this by providing some financial incentives for eco-upgrades via tax deductions. And while such windfalls can definitely accumulate over time, they’re not really enough to combat the upfront expenses required to make some green improvements. Those that have been deemed to save you money through other means (reduced utility bills, for example) over a short amount of time may not qualify. So even if you don’t qualify for energy-specific deductions, you may still see some financial benefit on your taxes. Additionally, you may want to consider any tax credits that may apply to you, because you can deduct the amount of the credit from your income tax bill.
Additionally, some employers offer an account into which you can place funds for childcare costs, which means you can pay for daycare for your children without paying taxes on the money.
Here are just a few ways in which you can save your bank account while doing your part to save the environment. So you should definitely check in with the IRS or your local tax prep specialist before going ahead with upgrades under the assumption that they can all be written off.
And you’ll, at least, see a reduction in your monthly household expenses, as well as gaining a feeling of satisfaction for your efforts on behalf of the Earth.

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