It is possible to save money on your energy bills and receive a tax credit! There are several ongoing incentive programs, and by investing in energy efficient products, you save money on both your energy bill and your taxes.
Federal Income Tax Credits:
If you purchase an energy-efficient product or renewable energy system for your home, you may be eligible for a federal tax credit. This would be a tax credit of 30% of the cost of the product or installation. For a list of eligible products and how to apply for this tax credit, visit Energy Star’s Website.
Local Tax Credits and Incentive Programs:
For a list of local Houston tax credits and incentive programs for energy efficiency improvements, visit DSIRE’s webpage.
Memorial Day Weekend:
During Memorial Day weekend, purchases of energy efficient products are exempt from state sales and use tax. This three-day tax holiday begins on the Saturday preceding the last Monday in May, ending on the last Monday in May. In 2010, this weekend takes place from the 29-31 of May. The state sals and use tax rates are currently set to 6.25%, which will be exempt for this weekend for certain eligible products. For a list of the eligible products, visit this page on DSIRE’s website.
Energy Efficient Appliance Rebate Program:
Buy approved ENERGY STAR appliances between April 16-April 25, 2010 and receive a mail-in rebate!
The Texas State Energy Conservation Office (SECO) recently announced that it will allocate $23 M in funds for a residential ENERGY STAR appliance rebate program. This program will provide rebates to customers who purchase eligible ENERGY STAR appliances and use the new appliance to replace an old appliance of the same type that is still functional. The mail-in rebates will apply to appliances bought between April 16 and April 25,2010, coinciding with Earth Day. Click here (http://www.seco.cpa.state.tx.us/arra//rebate/) for more information on eligible appliances and rebate amounts.
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