Rebates and Tax Incentives for Energy-Efficient Appliances

We all know that replacing our old appliances with more energy models will save us money in the long run. They waste less energy and so our utility bills go down. However, we do have to acknowledge that there's an initial investment required to purchase these appliances. This investment can be cost-prohibitive for some people especially during these troubled economic times. Luckily, there are lots of new rebates and tax incentives that make it more affordable for you to invest in energy-efficient appliances right now.

The biggest new program that you should take interest in is the Cash-For-Clunkers program for appliances. This program allows you to get up to $200 back when you purchase certain appliances that have an Energy Star rating. This is a federally funded program but the details on the rebates vary from state to state. More than three dozen different states are participating, though, so it's worth it to see what the offers are in your area. Keep in mind that only $300 million in rebates are going to be given out so it's best to get on the ball if you're thinking about getting an energy-efficient appliance for your home.

You also want to check with your utility companies to see if they are offering any rebates. Many utility companies around the nation are offering rebates to people in their areas who purchase energy-efficient washers and dryers or other home appliances. Obviously this also varies from place to place. One question that comes up is whether you can still get the Cash-For-Clunkers rebate if you get a rebate from your utility company and the answer is yes. You can combine these rebates to get a really good price on your new appliances.

In addition to these rebates, you want to think about the tax benefits that are available to you when you invest in energy-saving appliances. To qualify, you have to be a homeowner and the purchase has to be for your primary residence. This incentive is only available for certain items including specific water heaters and heating and air conditioning appliances. Check EnergyStar.gov for details about getting these tax credits. Additionally, you can receive a tax credit for installing solar energy, wind energy and other renewable resource energy in your home. In both cases, your tax credit can cover up to 30% of the cost of the installation.

Making the move to a more energy-efficient home is a smart choice. You save money in the long run. Now, with these great rebates and tax incentives, you can also save money on the purchase of the things that you need to get in order to save energy at home.

 

 

 

Publish Date: 2010-03-18 11:03:22

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