Sunday, December 14, 2008

Home Owners Alert-- Get a Federal Tax Credit in '09 For Energy Efficiency

"Ronnie Kweller, a spokeswoman for the Alliance to Save Energy, notes that sealing your house with weatherstripping and caulking, in combination with sufficient insulation, can save up to 20 percent on heating bills in winter and cooling bills in summer" at either your first or second home, writes Billie Cohen in today's Second home column in the NY Times Escapes section. What's more, since you get a tax credit for energy efficiency in 2009, wait until after Jan 1 and then invest in that new boiler, heating system or other big-ticket energy efficiency system. The Emergency Economic Stabilization Act that was enacted in October allows you $500 in consumer tax credits for energy-efficiency home improvements. If you claimed some but not all of the $500 federal income tax credit for energy efficiency home improvements that was in effect in tax years 2006 and 2007, you may be able to use these in 2009. According to the government's Energy Star website, "improvements made during 2008 are not eligible for a tax credit."

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