Green Renovations  =  Green Tax Credits       

             Green stimulus bill saves money in green home renovations. 

Now is the time to get going on that renovation you have been dreaming of.  Tax credits which were effective for  2009 have been extended to 2010 and have been raised from 10% to 30%. The maximum credit has tripled from $ 500.00 to $ 1,500.00 for 2009 – 2010. Some larger ticket items like solar, and geothermal have higher maximums.

Have a home built before 1983? A 2008 California study revealed that retrofitting older homes can have four to eight times more cost savings and carbon savings compared to new home energy efficiency options. Also noted was “homes built before 1983 are to blame for 70 percent of the greenhouse gas emissions related to single-family energy consumption in California”. An investment of $ 10,000.00 in retrofitting a 1960’s home for energy efficiency could save 8.5 tons of carbon.                 

Here are a few Green Tips for Tax Credits:

 
1. Use no- VOC paint. Painting is the fastest, least expensive design trick in the book. You can help save the planet and your health by using no-VOC paint. Traditional paints contain VOC’s (volatile organic compounds) which make our indoor air polluted.
2. Environmentally-friendly flooring is beautiful and healthful. Bamboo, a grass which matures in 3 to 5 years, is a renewable resource. It is very resilient and has a variety of colors available. Cork is also a sustainable product, as it is peeled from the cork tree. It has also been used commercially because of its superior acoustical properties as well as durability and ease of maintenance. Marmoleum flooring is a type of linoleum flooring. It is extremely durable, and is made from natural raw materials such as linseed oil, flax, wood flour and rosins. These floors are stain resistant, biodegradable at the end of its useful life, and even resistant to bacteria growth. Remember to use green adhesives and maintain with green cleaners.
3. Energy Star Ceiling Fans 50% are more efficient than conventional fans and use less energy to operate. Programmable thermostats allow you to control the cooling/heating needs up to 4 settings a day. Why cool/heat a home when you aren’t there?
4. There is a home-shell improvement credit for insulation, windows, doors and sealing. Studies have shown about 1/3rd of energy loss could be stopped by preventing air leaks by caulking and insulating. By installing double-pane windows offer insulation as well as soundproofing from the outside noise. By installing skylights, you may also reduce your need to use artificial lighting.
5. HVAC (home heating, ventilation and air-conditioning) investment in renewable energy systems is eligible for credit until Dec. 31, 2016. We spend 50 – 70% of energy in heating and cooling our homes. Efficient air-conditioners and furnaces will save you money in energy costs.
6. Energy-star appliances will help reduce your energy and water costs. The refrigerator is one of the homes highest consumers of energy. Front load washers will help reduce water consumption as well as reduce the amount of detergent you need to use.
7. Alternative energy: A nonrefundable tax credit will also be for installing a solar hot water heater and geothermal heat pumps.

Always consult your tax advisor to get the current rules.  For more information:
Energy Star – www.energystar.gov/taxcredits
IRS – http://www.irs.gov/newsroom/article/0,,id=206871,00.html

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