The Bergen Record urged its readers on Sunday that “time [was] running out to grab energy tax credit,” which expires on December 31st. The requirements of the credit were summarized in an
, stating that it would apply to projects that aimed to add “highly energy efficient models” in your primary residence. It would reimburse 30 percent of your cost “with a cap of $1500” for the entire renovation. These would cover projects that involved:
“Windows and doors, parts only
Roofing, parts only
Insulation, parts only, but can be installed by the homeowner
- Heating, ventilating and air conditioning, parts and installation
- Water heaters, parts and installation
- Biomass stoves, parts and installation”
James Centrella, manager at On The Spot Home Improvements, was quoted to say, “In the long run, if you want to save money on energy costs, it’s an investment, but a lot of people don’t want to put out that kind of money in this economy.” In his business, windows that are qualified to receive tax credit “40 percent more than traditional windows”; however, homeowners can save energy costs to reimburse the money they spent in seven to ten years. Shingles are cheaper to buy than windows, and would save fifteen percent in heating and cooling energy costs.
Reporter Jennifer V. Huges additionally writes that one can also save about ten percent in their energy bill by sealing and insulating, according to the U.S. Department of Energy.
Centrella and Warren Predmore, sales manager at Firefox Energy Concepts, also believe that sales have gone up due to the incentive of the tax credit.
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*Any information on all blog entries should not be construed as legal advice. If you have any legal issues, please consult an attorney.