Solar Power Systems - If you've ever considered springing for some solar power, the stimulus makes them hard to pass up--any solar system you purchase this year is 30% percent off, thanks to the government (or at least, you'll get a tax rebate for that much). The only requirement is that the photovoltaic system must provide power to your residence, so no rebates for solar panels that power your gadgets. Solar poweredwater heaters are eligible for 30% off, too. And while the credit for photovoltaic systems was around pre-stimulus, there used to be a $2,000 cap on the solar water heater rebate--now the sky's the limit (for a 30% rebate, that is).
Mass Transit Tickets - The government wants to help save you money on your commute, too—and encourage people to take public transitin the process. Previously, your boss could've allowed you to set aside $120 of pre-tax money a month for taking mass transit. Now, the figure's been bumped up to $230 a month for the next two years. And the savings add up—it totals over $2500 you can set aside for taking the bus or train to work. It might be time to tell to your boss you're taking mass transit to work.
College Tuition and Supplies - YourEnvironmental Studies 101 class just got more affordable. Under the revitalized American Opportunity tax credit, you'll get 100% of the first $2,000 of tuition and related expenses per year and 25% of the next $2,000. And that's not just the tuition either—you can count textbooks and e-readerslike the Kindle in the sum you write off, too. Also, there's an increase in the Pell Grant (typically awarded to low income students) too: it will increase by $500, to $5,350 in 2009 and $5,550 in 2010.
Small Wind Turbine - Ready to make the leap and buy a wind turbine for your home? The stimulus is here to help. You can claim a tax credit for 30% percent of the total cost--and seeing as how home wind turbines can range from around $600 (like Air Swift's) to $12,000 (Swift Rooftop Energy Systems), that's a pretty serious rebate.
Hybrid Cars – If you've always wanted to get a hybrid electric car but keep coming up $7,500 short, you're in luck. The stimulus offers a tax credit for up to that much for anyone who purchases one. Just one problem though--there aren't any hybrid electrics on the market yet, and conversion kits don't qualify. So it looks like we'll just have to wait on this one . . .
But the standard tax credit for normal hybrids like the Saturn Aura, pictured here, are still in effect. This list fromFuel Economy has the latest info on the credits you'll earn from each of the different hybrids eligible. Recession be damned—it might be time to spring for a hybrid. Note: Toyota and Honda hybrid models have been phased out, and no longer qualify for a tax credit. Everything else is still good to go.
New House - That's right—if you're a first time home buyer, you'll get a significant tax credit for bucking up and signing that mortgage this year. The stimulus will give you a refund for 10% (up to $8,000) of the total amount paid for your new house. Just don't sign asubprime.
As an incentive to purchase energy efficient goods for your home, every remaining item on this list can be written off under a single, sizable tax credit—for 30% off each item's cost, up to $1,500. Just make sure the unit you buy complies with the standards stipulated in the stimulus. You should also be aware that tax credits you earn on all the energy efficient home improvement items (like central A/C and the rest of the items on the list from here on out) are cumulative, and are capped at $1,500. This means you can only take a rebate for a maximum $1,500 for all the energy efficient improvements combined
Central A/C Units - The stimulus bill will help you keep cool in those hot summer months, and help you do it efficiently and greenly. In order to get the sweet rebate on central A/C units, you'll have to buy an air conditioner that's rated 1st Tier (pdf link) by theConsortium of Energy Efficiency. Also, any A/C that's Energy Star qualified (look for the logo) will work as well. This Lennox central a/c unit is a good example.
Biomass Stoves - There's a 30% tax rebate included in the stimulus for buying any biomass stove, too. The most common type of biomass stove is the pellet stove. It's labeled biomass in the bill, but the credit applies to any "plant-derived fuel available on a renewable or recurring basis, including agricultural crops and trees, wood and wood waste and residues (including wood pellets)." That means any pellet stove qualifies, just as long as it's got a thermal efficiency rating of 75% or higher (and just about all of them do). Pellet stoves are an energy efficient, extremely clean way to heat your home. This could be a great opportunity to see for yourself.
Water Heaters - Water heater on the fritz? Replace it with one that's energy efficient this year and write off 30% of the cost, up to the 'ol $1,500. And even if yours isn't breaking down, you still stand to save big bucks by opting for a more efficient model. Gas, oil, propane, electric heat pump, and solar water heaters (which we mentioned earlier) are all fair game for the tax break. Check Energy Star's tax credit list to find the requirements for each kind of heater.
Windows and Skylights - Yes, you can get a tax credit (goes towards that same $1500) for any windows orskylights you buy this year. They just have to be energy efficient—they've got to have a U-Factor of .3 or less. The U-Factor is used to measure the heat transfer through the object, and determines how well it insulates. The lower the U-Factor, the better it insulates.
Doors - Same goes for doors—just make sure that U-Factor is .3 or less, and you're buying your doors on Obama this year.
Electric Heat Pump - Electric heat pumps can efficiently cool your home in the summer and (less efficiently) heat it up in the winter. Buy any electric pump carrying the Energy Star label, and you'll be able to snag a tax credit up to $1,500. Both air and ground source heat pumps are eligible (and ground source pumps aren't subject to the $1,500 cap either--it's 30% off the entire cost no matter how expensive). This Armstrong SEER Heat Pump is an energy efficient, durable air source pump--with a hell of a warranty. And it just got 30% cheaper.
Roofing and Insulation - Buy any Energy Star qualified metal or asphalt roofing, get 30% off! While you're at it, take another 30% off your new green insulation this year, too! Sorry about the exclamation points; just to be clear, government is not a mattress superstore. The only requirements are a) the primary function of the insulation must be to insulate--vapor retarders get the green light, while siding doesn't make the cut--and b) the insulation meets the latest International Energy Conservation Codes.
Furnaces and Hot Water Boilers -Efficient natural gas, propane, and oil furnaces and water boilers are all eligible for a tax credit upon purchase. Each of the furnaces must receive an annual fuel utilization efficiency (AFUE) rate of 95% or more, and each of the hot water boilers must have an AFUE over 90%. This Bryant natural gas furnace has an AFUE of 96%, and is thus tax credit ready.
from: Treehugger.com