Ask Andy: "Green" tax credits - WMC Action News 5 - Memphis, Tennessee

Reported by Andy Wise

Ask Andy: "Green" tax credits

"Nancy" in Brownsville, Tennessee, thought she heard something about cash or tax credits for making her house greener:

"My husband and I would like to take advantage of the energy part of the stimulus package, (new windows and a heating unit), but we can't find any information explaining what and where we need to go and do to start this process. Can you help us?"

The U.S. Department of Energy offers both tax incentives and tax credits to folks trying to be more energy efficient. The tax credits are generally a better deal.

HOME ENERGY TAX CREDIT.  Up to $1,500 or 30 percent of the cost if you buy certain energy-efficient windows, doors, roofs or equipment.

* RESIDENTIAL RENEWABLE ENERGY TAX CREDIT.  30 percent of the cost for folks who install solar or wind energy systems.

* AUTOMOBILE TAX CREDIT.  An income tax credit for hybrid cars put into service before December 2010.  The amount of the credit depends on the hybrid's fuel economy and weight, and the credit is temporary.  It will be phased out for each participating vehicle once its manufacturer has sold 60,000 units.

For complete details on these energy benefits and others, click here for the energy department's tax credit center: 

http://www.energystar.gov/index.cfm?c=products.pr_tax_credits

You can also click on the department's tax breaks page:

http://www.energy.gov/taxbreaks.htm

To search each state's available incentives for energy efficiency, click here:  http://www.dsireusa.org/.

 

 

 

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