What you may know as the $700 billion dollar bailout is actually called the Emergency Economic Stabilization Act of 2008. Much of this act probably made you feel upset and even alienated. One of the positive things that is coming from this Emergency Economic Stabilization Act of 2008, however, is the reintroduction of something known as energy tax credits. There are plenty of other things that are coming into play as part of the Emergency Economic Stabilization Act of 2008, but not all of it is negative. The federal energy tax credit for energy efficiency was a tax benefit that was well taken advantage of in the past, but there is one unfortunate aspect. This is that the $500 credit limit is only going to apply to 2006, 2007 and 2009, and we will not be able to take advantage of them again after that. So while the Emergency Economic Stabilization Act of 2008 is adding some interesting new provisions, not all are perfect.
With home improvements, you have to be able to place the home improvement into play after January 1st of 2009, and before December 31st of 2009. If you do anything before December 31st of 2008, then you are going to be out of luck, so if you can hang on for a month, it may be ideal, because you will see a nice energy tax credit in return for your home improvement based on the Emergency Economic Stabilization Act of 2008. To find out more about the specifics of each of the improvements that you are thinking about doing, it would be wise to check out the Energy Star chart, which is available at the http://www.energystar.gov website. Not only will you find out the specifics of each of the improvements in this chart, but you will also find out how much money you can get for each energy tax credit, and this will allow you to make decisions about the home improvements you'll do in the next twelve months.
- One of the biggest bangs for your buck is definitely going to relate to replacing windows, and in some cases replacing doors as well. When it comes to windows and skylights, you can get a credit for as much as 10 percent of the cost, up to $200 for any windows that qualify for Energy Star or meet IECC regulations. Labor is not included in the credit. When it comes to exterior doors, if they happen to meet IECC standards, then you can get a credit for 10 percent of the cost, up to $500 dollars.
- Another good way to reduce energy costs without costing you a lot of money in the process is insulation. Changing your insulation easily comes with a 10 percent credit for up to $500. The only requirement is that the insulation you install has to have a 2 year warranty or last up to 5 years. One way to check your insulation level is in the attic. Make sure that you have at least 12 inches of insulation. If it is possible to see your joists, then you need to put in more insulation.
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