Taxpayers benefit from green home improvement projects
Posted on Tuesday, January 8, 2013 at 4:48:05 PM
Lawmakers recently came to an agreement to avoid the impending "fiscal cliff" and households planning to complete certain green upgrades to their properties may benefit during the course of 2013.
Eco-friendly upgrades are good for the environment and save homeowners a considerable amount of money on utility costs. But now, certain projects could earn households a $500 tax credit.
"You have people all the time in the market for new heating and cooling equipment," Alliance to Save Energy president Kateri Callahan told Forbes. "This tax incentive will encourage them to purchase the most efficient products - the ones that are eligible for the credit."
This tax credit was previously available up until the end of 2011, but lawmakers allowed it to expire at the beginning of 2012. However, with the tax provision back in place, it will even have retroactive benefits. Homeowners who completed eco-friendly home improvement projects during the course of last year may still be able to qualify.
Although green upgrades can save a homeowner money in the long-term, the upfront costs can still be expensive. For this reason, borrowers should consider one of Home Loan Investment Bank's many home improvement loans to finance a project.