Is the Energy Tax Credit Right for You?
The EPA is offering Energy Tax Credits throught 2010 for various improvements in your home. As with all things associated with the federal government, there are quite a number of strings attached and as they say, “the devil is in the details’. Before running out to take advantage of this ‘free money’ it would be a good idea to do a little homework to find out what is best for you and your family situation.
Take the tax credit associated with home air conditioners as an example. In order o qualify for the $1,500 tax credit, you must purchase a split system with a SEER rating of 16 or higher, or a package system with a SEER rating of 14 or higher. The law allows manufacturers to sell air conditioners with a minimum SEER rating of 13 and there are plenty of them out there. So basically, the energy tax credit program has created a discount market for these lower rated air conditioners.
The bottom line is that a savvy shopper can purchase a high quality air conditioning system that is below the minimum rating to qualify for the energy tax credit, but still come out ahead. It would be well worth your while to do some shopping and put the pencil to paper and figure out your bottom line cost before jumping at the free government money. It may turn out to be not so free after all.
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