2009 Federal Energy Tax Credits

December 3rd, 2008 | Banking, Money, News, Personal Finance, economy

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

Related Posts

Top 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.......
Saving Money with a Government Loan Option Buying a home is part of the American dream. For more than half of a century, Americans have been set on finding homes to hang their hats. Owning a home is a sign of stability and pride. However, financing a home can be a nightmare that interrupts the American dream.......
Sunday 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......
Resisting Panic: A Quick Guide to Surviving The Credit Crunch A few years ago if you referenced the term "credit crunch", most people would be puzzled. Today barely a single day can pass without the phrase seeing consistent if not constant use in the newspapers and on television. The credit crunch is a crisis that is affecting numerous financial institutions......
Pay Debts in the Current Economic Climate In the third quarter of the year 2008, it was noted in figures that the occurrence of personal or individual insolvencies had increased by 8.8 percent in comparison to the previous quarter. Additionally, the numbers in these figures for 2008 proved to be 4.6 higher than the third quarter from......

Related Websites

9 Easy Ways to Green Your Home Greening up your home is actually a lot simpler than spending thousands on solar panels for your roof, and does not have to involve composting or growing all of your own food if you do not want it to. You do not have to be a hippy tree-hugger to want......
How much Exercise is Necessary? You need to have a good working understanding of exercise and how it affects your body in order to get the most out of it. If you exercise too little or too much, you may not be getting the intended benefits from the effort, which would make it a pointless......
Fuel Conservation - Tips for the Homeowner In the cold months of winter, there are a number of things you can do to conserve fuel and same money. The main way to conserve energy is to prevent heat from leaving the home. The first step is to make sure that the walls, ceilings and floors are insulated......
Ten Tips Toward a More Eco Friendly Home Tip 1 - Turn the lights off any time that they are not needed, even if you are just moving from room to room in the course of your day. According to Energy Star, as much as 20 percent of a home's overall energy use comes from its lighting. Using......
Mountain High Ski Resort, Wrightwood, CA Mountain High Ski Resort is located in: Wrightwood, CA Phone: (888) 754-7878 About the Resort: This is actually three resorts all bundled into one, offering a massive amount of space and plenty of chances for fun. This is considered to be one of the premier ski resorts in Southern California.......