Financially savvy Americans hoping to take advantage of eco-friendly home benefits might want to act before the year is out, as several federally subsidized tax credits will be expiring at the end of 2012. According to the Alliance to Save Energy (ASE), a nonprofit green advocacy group, there are a plethora of options available to U.S. homeowners.
These tax advantages include:
Electric vehicle benefits – If you're the proud owner of a recently purchased electric vehicle, you stand to benefit significantly thanks to bonuses provided by the government. Cars that utilize at least 5 kilowatt hours (kWh) of energy can earn their drivers an initial $2,500, with this number going all the way up to $7,500 for each additional kWh.
Geothermal heat pump reimbursements – This utility bill-reducing technology utilizes the natural heat from the earth to generate energy. Government subsidies provide up to 30 percent of the purchase price back to homeowners if they qualify.
Residential fuel cell credits – Homes that have been equipped with special fuel cell-based HVAC systems – which utilize a novel chemical process that creates electricity through the combination of hydrogen and oxygen – can reap significant financial rewards. With no expense limits set by the government, consumers may qualify for up to 30 percent of the original installation costs.
In its report, the ASE noted that there are a number of other state and regional-based tax credits that homeowners could further benefit from. By contacting your local energy officials, you can determine whether or not you are taking full advantage of these economic advantages. That way, you can enjoy a green lifestyle without breaking the bank.