Time’s running out but there’s still a few days left to take advantage of some good tax breaks for greening your home, commute or car. Forbes compiled a handy list of 10 ways to save money while saving the planet.
1. Home Improvements – a 10% tax credit is available for many energy efficient upgrades such as replacing windows, improving insulation and certain a/c and heating units. See the Alliance to Save Energy for a straightforward explanation of details.
2. Electric Cars – receive a $7500 federal tax credit when you buy a new Chevy VOLT, Nissan Leaf or Ford’s forthcoming Focus Electric.
3. Residential Charging Station – although you don’t absolutely need to have one to go with that e-car, they can make your life a little easier and Uncle Sam will provide a tax credit equal to 30% of the cost of installing a charger (up to a maximum of $1000). not too shabby.
4. Car Conversion – convert your gas-guzzler into a plug-in with an electric car conversion kit and the feds will credit you for 10% of the cost, with a maximum credit of $4000. Act now – this credit will expire at the end of 2011.
5. Low speed electric vehicles – love this one, too. Sport about in a street legal golf cart or moped and get a federal tax credit of up to 10%, up to a maximum credit of $2500. Act now – only available through Dec 31, 2011.
6. Green Commuting – bus, train, subway and van-pooling commuters can save $240 a month pre-tax to pay their commuting expenses, provided their employers offer a pretax plan. (This is expected to become $125 per month, effective Jan 1, 2012.)
7. Home Solar - receive a tax credit equal to 30% of the cost to install home solar panels to generate electricity of heat water (excluding your pool). This credit will be available through 2016. (more…)
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