Buy now, save later - WALB.com, Albany News, Weather, Sports

Buy now, save later

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December 27, 2007

Albany  --  There are only a few days left for homeowners to take advantage of federal income tax credits for making improvements on their home that save energy. 

By making your house more energy efficient, you could save hundreds of dollars off your taxes.  But you only a short time left to do it.

Purchasing energy efficient storm doors or insulated windows, you can save big money on your home energy costs.  But Federal tax incentives for those improvements will expire December 31st.  Lowe's Assistant Store Manager Alan Mitchell says some people are rushing to take advantage.

You can get a ten percent tax credit, up to $500, for installing Insulation and materials like caulk, weather stripping and foam sealants.

A more efficient hot water heater, central air conditioner, or heat pump can earn $300 in tax credits.

Energy Star windows, skylights, and storm doors and storm windows, pigmented metal roofs for your home, even furnaces and air circulating fans all qualify for the energy efficiency tax credit. 

The Federal Government says heating costs are expected to increase 11% this winter, to nearly one thousand dollars a home.  But these improvements could help cut those price increases.

And if you buy these energy efficient home improvements before December 31st, you could cut your 2007 income taxes by as much as $500 dollars.

Energy experts say these types of home improvements will lower your energy costs for years to come, making an investment that will pay off with each month's power bill.

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