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2007 Goals: save money on energy bills and get back money from IRS
2007 is the year for homeowners to take advantage of IRS tax credits by upgrading their homes using qualified energy-efficient products placed into service by Dec. 31, 2007.
Federal tax credits for energy efficiency range from $2000 for solar panels and solar hot water heaters to $500 for many types of home improvements including adding insulation, replacement windows, and certain high efficiency heating and cooling equipment (see chart).
A tax credit can provide significant savings. It reduces the amount of income tax you have to pay. Unlike a deduction, which reduces the amount of income subject to tax, a tax credit directly reduces the tax itself.
Add to the tax credit the energy bill savings and you can see the incentive for adding a New Year Resolution to your list.
Knowing where to start with green renovations is the key. Some houses will benefit from more insulation, while others might need new windows or a new HVAC system. Every home is unique so it's important to engage a qualified energy inspector. My partners at The Hoots Group can assist with your home performance evaluation. You can also visit Southface's Home Performance page for help in finding a local qualified energy inspector for the Atlanta area.
Burke Sisco
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