Eco Friendly, Featured, Home Tips, Tax
Eco-friendly Tax Credits for Palo Alto Home Owners
Being eco-friendly is an important issue to most people today. Making your Palo Alto home as energy efficient as possible makes sense on many levels, but do you know it makes sense when it comes to federal tax credits too? They’re not small incentives either. These tax credits are another major reason to be serious about going green in your Palo Alto or Menlo Park area home.
Tax Credits for Existing Homes
Making your home energy efficient will benefit you whether you are planning to stay in your home for years to come or you are considering selling in the near future. Prospective buyers will react favorably to eco-friendly installations. It will also help move your Palo Alto home faster and get a better price.
In 2009 and 2010, you could get major tax incentives for going green too. When you purchase certain energy efficient items, you may get as much as 30% (up to $1,500) of the cost of the item returned to you as a tax credit. These items include:
- Energy efficient windows and doors
- Energy efficient insulation (primary use must be for insulation. Items such as insulated siding are not included)
- New Roofs created with Energy Star materials
- Most HVAC products including: central air units, air pumps, furnace for natural gas, propane, or oil, water heaters, main unit circulation fans.
- Geothermal Heat Systems
- Solar Energy
- Biomass Stove
- Wind Turbine System
- Residential Fuel Cells and other Microturbine Energy systems
- Hybrid Cars (hybrid gas, electric, diesel, battery, alternative and fuel cell) May have a much higher tax value between $2,500 and $7,500 based on several criteria
Tax Credits for Construction and New Homes in Palo Alto/Menlo Park Area
There are also excellent tax credits for consumers building a new home in the Palo Alto/Menlo Park area. These credits are up to 30% of cost on acceptable items with NO limit. These items include:
- Geothermal Heat Pumps
- Solar Panels
- Solar Water Heaters
- Wind Turbines
- Fuel Cells
Protecting your Palo Alto home, making it more energy efficient, and saving money has always been important, but there has never been a better time to get started.
If you would like more information on how to take advantage of the Federal Tax Credit for Energy Efficiency, give me a call today at 650-454-8568 or email me at gwang@kwrpa.com.
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Gwen specializes in working with buyers and sellers in Atherton, Menlo Park, Palo Alto, Los Altos, Mountain View, Redwood City and other Penisula cities. Her client base ranges from first time buyer, investors, and people who wish to trade up or downsize. Want to receive up to date information about real estate in Palo Alto? You may Subscribe to HomesForSalePaloAltoToday by Email. If you have a question for Gwen, you may contact her by email or reach her at 650-454-8568. |
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Check out what others are saying about this post...[...] 5. Private Mortgage Insurance Premiums – For home buyers who finance more than 80% of the value of the home, there is often a private mortgage insurance policy. The premiums you paid in 2009 are tax deductible. Talk to your tax advisor to find out if you can claim this credit. I wrote a post about this a little while back: Eco-Friendly Tax Credits for Palo Alto Homeowners. [...]