Going green? Get credit – Tax credits for energy improvements
Abstract: Going green is not only the hot trend for both individuals and business — it can also reduce taxes. This year, boosting the energy efficiency of a home or car may qualify taxpayers for certain tax credits. Many of these are a result of provisions in the American Recovery and Reinvestment Act of 2009. One can receive a credit of 30% of the cost of eligible energy-efficient “appliances” such as heating, ventilating and air conditioning equipment, insulation and nonsolar water heaters. And certain plug-in electric vehicles may be eligible for a credit. A sidebar to this article discusses the credits available to those who put in a geothermal heat pump, small wind turbine, solar water heater or solar energy system.