Time is ticking on those tax rebates for energy efficient changes to your house. The tax credits passed last February by Congress allow you to take a tax credit of 30% of some energy efficient changes to your home with a cap of $1500. The catch is that the work has to be completed before the end of 2010, which is fast approaching.
Additional insulation is one of the items that qualifies for the tax credit and most homes could benefit from some additional insulation. If you have less than a foot thick of insulation in your attic then a little more could help you reduce your monthly heating and cooling bills by 15 to 20%. Insulation is one of those things that you can do yourself if you don’t mind crawling around in tight spaces. With the temperatures down, right now is the perfect time to add a little warm blanket in your attic.
New Energy Star windows and doors also qualify for the tax credit. Some older windows can be caulked and weather-stripped into functioning properly, but with new replacement windows that meet the Energy Star requirements costing as little as $200 a piece, they might be a great way to warm up your home. They add value at the same time. If your windows are difficult for you to open and close or are not double pane, this might be a great option for you. Just remember, never install replacement windows or doors before having your house tested for air leaks and have them sealed up first.
The tax credits also cover hot water heaters, some new roofing as well as solar panels. The bottom line is get a home energy audit first. An audit report will outline which changes are needed in your home and what should be done to address the problem. Figure out which options will give you the most bang for your buck and get a move on. You only have a couple months left and the credits will disappear!