The fiscal cliff deals energy efficiency silver lining
The deadline for filing income taxes is now less than a month away, so we wanted to point out one of several tax breaks for which you may be eligible.
Preserved in the fiscal cliff deal, this tax credit offers homeowners several ways to upgradethe efficiency of their houses.
The consumer energy efficiency tax credit allows homeowners to deduct up to 10 percent of the cost (up to $500) or a specific amount from $50 to $300 for several product categories.
For example, homeowners can deduct $300 for efficient biomass stoves, which have become much more efficient and clean burning in recent years. Today’s wood stoves, especially those using glass-ceramic panels, keep the air clean indoors and outdoors and generate more heat using less fuel.
This tax credit expires on Dec. 31, 2013, so be sure to upgrade your stove, roofing, windows, insulation and other qualified products before the year ends.
For the more ambitious homeowner, there are also tax credits for 30 percent of the cost of products such as geothermal heat pumps, small wind turbines, and fuel cells. These tax credits extend to Dec. 31, 2016.
With this tax credit, you can upgrade your home, see significant cost savings in your energy bills, and promote a cleaner environment as you make your home a model of efficiency.
Linda Mayer Linda Mayer is president and CEO of SCHOTT North America. She has a bachelors degree in history from Stanford University, an MBA from the Wharton School of Business at the University of Pennsylvania, and an MA from The Johns Hopkins School of Advanced International Studies. Prior to joining SCHOTT, Ms. Mayer served in a variety of roles including director of financial analysis, corporate planning, development and marketing for the Kohler Company and vice president of marketing at John Deere. www