Saturday, November 14, 2009

Uncle Sam Saves You Money

This time the offer to save money does not come from a local furniture store. The bearded Uncle Sam is willing to pitch in up to $ 1500 of the cost, if you are willing to replace existing low efficiency air conditioners and windows, or upgrade existing insulation of your home during 2009 and 2010.

The payment is done through a tax credit when you report your 2009 and/or 2010 taxes. The total claim cannot be for more than $ 1500, including claims for 2009 and 2010 combined.

So, the question that you may be asking is, is it worth to do the changes or upgrades? The answer is very likely yes. The only hesitation you may have is if your home is relatively new and you have a better use for the moneys you will spend with your upgrades.

There are some other things to consider. Even a relatively new home may increase its selling value by upgrading the most efficient air conditioner, or windows and insulation of walls and roofs. As buyers become more energy conscious, they look at energy expenses more closely.

If your home needs new windows or new roof, then, the answer to the question is a resounding yes! Do not hesitate to go for the energy savings version of the air conditioner, or insulation. You not only will get partially reimbursed by Uncle Sam, you will also pay less in energy expenses and increase the value of your nest.

For more information, you may want to visit Uncle Sam’s official websites:

• How do I determine if I can collect the tax credit? click here

• What is the maximum tax credit I can get for the energy efficient home improvements? click here

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