2009 Federal Energy Tax Credits

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.

Photo Credits: 1

Blog Traffic Exchange Related Posts
  • no-moneyPersonal Finance Credit Crunch Budgets are unfortunately quite the necessary evil when it comes to managing your own personal credit crunch. Everyone is going through a credit crunch, even those who have relatively healthy credit. The only practical way to keep yourself financially stable in this volatile market is to get a grip on......
  • accountingDo You Need an Accountant? The average person usually tries to struggle with their finances year after year and only visits an accountant a few days before their taxes are due. By this point, it’s up to the accountant to try to piece everything together and they won’t be able to offer much help when......
  • blog traffic exchangeTop Personal Finance Blogs for August 2009 These are the top personal finance blogs according to this blog's quality traffic score. How does it work? Glad you asked... I took the top 15 personal finance blogs in terms of visitors referred to this site. Then I created a quality score which I define loosely as engaged traffic.......
  • traumaHow to Undo The Results of Financial Trauma Whether you’ve lost your home or your job, or your money management skills over the years have left you severely in the hole, it is never to early to start turning things around. You can bounce back from financial trauma, but it will take some effort and dedication on your......
  • blog traffic exchangeSunday Money Madness - Blog Action Day Edition Rich Credit Debt Loan is starting off the roundup by presenting the wonderful finance bloggers that have participated in Blog Action Day on October 15th, 2008. It's great to see so many out there contributing funds and writing towards the issue of poverty and increasing global awareness. Did you do......
Blog Traffic Exchange Related Websites
  • solarpowerA Fully Solar Toyota Hybrid This will not just be a Prius with a solar panel in order to power the AC, according to the Nikkei. Toyota's goal is to design a completely solar-powered car, with a twist. In addition to solar panel on the car, there is also a set of solar panels for......
  • blog traffic exchangeDebt is still debt It's common knowledge that it's desirable not to have credit card debt, since the interest rates are usually pretty high (unless you have very good credit or get into a 0% balance transfer offer and are very careful) and they're usually used to buy depreciating, non-performing consumer goods. Taking out......
  • blog traffic exchange$8000 First Time Homebuyer Tax Credit Extension: Take Advantage Of Incentives Through June 30th, 2010 If you're a first time homebuyer and you thought that you might be out of time when it came to getting the $8000 refundable tax credit, think again!  On Friday the Obama administration signed into law the Worker, Homeownership, and Business Assistance Act of 2009 which extends the $8000 refundable......
  • sarasota Realtor Mike Payne offers sarasota homes for sale!$8,000 Tax "Gift" Extension Excites Home Buyers Anxious To Grab FREE Money! $8,000 tax credit easily passes Congress, allowing more and more buyers to use their tax "gift" at closing for fees and down payment, says FHA and Fannie Mae. /caption] $8,000 Tax Credit extension called "The Extended and Expanded Tax Credit Agreement" hopes to resuscitate a struggling economic recovery now burdened......
  • blog traffic exchangeObama aims to cut deficit in half | Reuters President Barack Obama wants to slash the ballooning deficit in half by 2013, U.S. officials said on Saturday, after massively increasing public spending to stem the worst economic crisis in decades. Obama will outline his ambitious goal when he hosts a summit at the White House on Monday on fiscal......
Online Stores If you liked this article, vote for it on del.icio.us and stumbleupon.


Categories:

Banking, Money, News, Personal Finance, economy



Tags:

, , , , , , , , , , , , , , , , , , ,


0 comments ↓

There are no comments yet...Kick things off by filling out the form below.

Leave a Comment

Email Updates

amount of money bad debt banks Budget cash money credit card credit card debt credit cards credit history creditors credit rating credit report credit score debts economy emergencies emergency fund enough money financial future frugal tips how much money insurance interest rate interest rates investments investors job lenders little bit living paycheck to paycheck loans Money money life multiple streams of income paycheck paycheck to paycheck Personal Finance premise retirement risk saving money savings account stock market Stocks streams of income