Don't Miss Out on Your Energy Tax Credit

Income taxes for middle class and affluent Americans are at an all time high and going up. But, there are still some ways to reduce your taxes, if you take the time to look.
One of the best ways to save money on your taxes is to take advantage of the energy tax credits offered by the government. You can get tax incentives for purchases of energy efficient appliances, solar panels, and other environmentally friendly home improvements.
The American Recovery and Reinvestment Act of 2009 helps you save money on upgrading your home. You’ll get an energy tax credit, for example, on energy efficient appliances, like washers that use less water or on an Energy Star rated refrigerator. You’ll also get energy tax credits for installing new energy efficient windows and doors in your home. The energy tax credit for items like these is 30% of the cost of the unit, with a cap of $1500 in credit.
Solar panels are one of the investments where you can save the most money. You’ll get an energy tax credit of 30% of the cost of photovoltaic (solar panel) systems and solar hot water systems. There is no cap on this energy tax credit – you’ll get a full 30% of the cost of your system. You can also get this energy tax credit on geothermal heat pumps and small wind systems.
These energy tax credits are set to run out at the end of 2010, so don’t delay. If they aren’t renewed for 2011, you could miss out.
Some states also offer energy tax credits on some of the same items covered by the Federal credit. Check with your state and see if you can save even more money by upgrading your home in an energy efficient way by the end of this year. 

Check out Sungate Energy Solutions for more information on cost-effective green technology.