Sunday, January 16, 2011

Save Money on Gas & Electric Bills, get upto 30% Tax Credits by putting these systems.


Save Money on Gas & Electric Bills, get upto 30% Tax Credits by putting these systems.




A tax credit of 30% with no upper limit is for:
  • geothermal heat pumps
  • small wind turbines
  • solar energy systems
The credit expires Dec. 31, 2016, and applies to new and existing homes. Principal residences and second homes qualify, but not rental properties.

Features such as the solar tube installed in the kitchen ceiling help reduce the electric bill without costing much. The tube retails for $160.

A tankless hot water heater cost about $565 for the unit and $500 to $1,000 to install. It reduces energy use by not having to constantly heat a tank of water.

Barrells can collect rain water for solar heating to feed a geothermal heat pump.

Using an energy-efficient feature like an insulated foundation costs about $1,000 to $1,500, he said. Adding an energy recovery ventilator is about $1,500. It brings fresh air into a house, which is important when it is sealed tightly.

Energy-efficient windows and appliances are almost standard today for most builders. But features such as a geothermal system are more expensive, ranging from $6,000 to $10,000.

Geothermal heat pumps collect natural heat from the earth through a series of pipes called a loop. Fluid circulates through the loop and carries the heat to the house.

The system pays for itself within five years based on average utility bills.


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