Wednesday, October 27, 2010

Ways to Earn Green Tax Credits

In order to promote environmental awareness and motivate people to actively move towards a greener and more sustainable way of living, the government has issued laws that give green tax credits to people and establishments that meet certain green standards. In fact, here are some specific ways for you to earn some green tax credits.

Biomass Stoves
Instead of the usual stoves that use liquid petroleum, you can use biomass stoves. These stoves burn biomass fuels such as agricultural crops, wood wastes, and fibers in order to heat up your home or your water system. These stoves and their installation can earn you green tax credits of up to $1,500.

Securing your home with adequate insulation slows down the escape of hot air during winter, and prevents the escape of cold air during summer. By buying and installing insulation materials for your home, you can reduce the need for air-conditioning units and heaters, thereby decreasing carbon footprint. This is the reason why government offers green tax credits of up to 30% of the total cost of insulation materials that you will use. Although installation is not covered, 30% can be quite a big amount depending on how much insulation materials you buy.
Lib Dems Want Green TaxesImage by adambowie via Flickr
Geothermal Heat Pumps
Unlike ordinary heat pumps that regulate the temperature inside your house by heating or cooling the air, geothermal heat pumps utilize the ground. This makes these pumps a lot more energy efficient than ordinary heat pumps. As a means to motivate people into switching to geothermal heat pumps, green tax credits of up to 30% is given people for buying and installing these devices.

Solar energy systems
Another method that can get you 30% of green tax credits is the purchasing and installation of solar energy systems such as solar panels and solar water heaters. Not only do these devices allow you to save up on tax, but they also considerably reduce electricity expenses.
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