Free Gov’t Money!
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Isn’t it wonderful when the government decides to help you out with a little free cash? Not only are a sizable portion of our recent & upcoming renovations being funded via a loan with a very favorable rate, a lot of it also meets or exceeds the specs necessary to qualify for a tax credit under the Energy Policy Act of 2005.
Most of the people who’ve heard of this act at all know of it as the credit-for-hybrid-cars act. But it also gives you all kinds of opportunities for cutting the cost of all kinds of home improvements that meet certain specifications. For instance, you can qualify for a credit of up to:
- 10% on windows, doors, metal roofs, or insulation
- $300 for heat pumps or hot water heaters
- $150 for furnaces or boilers
- $50 for main air circulating fans
Unfortunately, the home improvement portion maxes out at $500 total for the two-year life of the act (which goes through December 31, 2007). If I’m calculating it right (and with federal income tax law, who really knows until the final form is actually released), we’re just shy of that total already, and the heat pump installation hasn’t even started (ours is going to be efficient enough to be a straight $300 addition).
Ah, well, complaining because we’re not getting even more free money than we already will, seems just a little greedy… 
Tagged:
» renovation, tax credit, Energy Policy Act of 2005, hybrid, home improvement, free money
Uncle Sam: Give me some money! at Kirby on Finance said,
Wrote on May 25, 2006 @ 10:02 am
[...] Free Gov’t Money [Irregular Payments] [...]
Steven said,
Wrote on May 25, 2006 @ 12:27 pm
In addition to money from the government, some utilities will provide rebates if you purchase energy saving devices. I know that this is true for San Diego Gas and Electric and SoCal Gas. If you check your utility’s website, you may find some info about this.
How To Get Your Contractor to Show Up said,
Wrote on October 13, 2006 @ 4:50 pm
[...] As a whole, most of our contractors in our grand remodeling project have been nothing short of excellent. We let them know what we’d like done. They give us a date that they will have it done. And, amazingly, several days before that date, the work is generally done. [...]