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Environmental Tax Credits Click here to jump to a topic: Home Efficiency Fuel Efficiency Hybrid Cars Hybrid Tax Credit Phase-Out More Easy Ways to Save Money and Energy Energy Act of 2005 The Energy Policy Act of 2005 attempts to establish long term energy policy that gives incentives for already existing energy productions, as well as new more efficient energy technology and conservation. The Act has its drawbacks including the failure to reduce dependence on foreign oil. The Act does not include provisions for drilling in the Arctic National Wildlife Refuge (ANWAR), but it does lift a moratorium on offshore drilling. It also exempts gas and oil producers from the Clean Water Act. Despite the shortcomings of the Energy Act there are positive incentives for consumers to more energy efficient. The Act includes Tex Credits for improving home efficiency or existing home or new home being built. Credits can also be received for purchasing hybrid cars or installing clean fuel technology in cars. Tax Credits Under the Energy Act of 2005 consumers are now eligible to receive tax credits for energy efficient products they purchase. A Tax Credit is more beneficial to a tax payer that a deduction because with a Credit the amount is taken off the dollar amount and is not just a percent reduction. Saving you more money! Home Efficiency The time is right for the those home improvements you have been putting off, because until Dec 31, 2007 you can earn up to $500 in tax credits.
Most of the products eligible for the tax credits meet Energy Star requirements. To see specific products to ask for in stores to receive the tax credit click here. Money Saved for Fuel Efficiency
What is Phase Out? The tax credit has been set up so that only the first 60,000 hybrid models produced by the automaker are eligible to receive the credit. Presently, Toyota is the only automaker to have reached that 60,000 mark and is currently in the second phase of the phase out.
Things to Consider If you are thinking about buying a hybrid in the near future it might be wise to look at models besides Toyota available to maximize your benefit of your purchase. Toyota has asked Congress to extend their phase out limit, nothing has been decided yet. There is a chance; depending on the 2008 elections that there could be new Energy Policy Act drafted which could be more favorable to hybrid vehicles and the consumers who are purchasing them. More Easy Ways to Save Money and Energy Even if you are not remodeling your house or buying a new car you can still reduce your energy consumption by replacing old home appliances such as; dishwashers, cloths washers, refrigerators, window air conditioners and televisions just to name a few. Look for the Energy Star on home appliances to ensure that they will reduce your energy consumption. Go to Energy Star’s website for more information. It’s as Easy as a Light Bulb There are new light bulbs on the market that will cut your electricity bills while reducing energy usage. Compact Fluorescent Lights (CFLs) use 2/3 less energy and last 10 times longer than regular candescent bulbs. You save an average of $30 for each light bulb over the course of its lifetime. CFLs are just as easy to find and don’t cost much more than regular bulbs. Give your Water Heater a Break Next time you are buying laundry detergent your usual brand makes a “cold water” variety. This allows you to get your wash just as clean as when you use hot water but without the help of the water heater, thus reducing your utility bills. Off-Set Carbon If you can’t afford a hybrid at this time this is another option. There is no regulation in place in the United States that limits the amount of carbon dioxide that can be generated. There are things that individual concerned citizens can do. For your home, cars, or even airline flights you can purchase carbon credits that offset the amount of CO2 you will generate. Your purchase of these credits will be invested in carbon reducing projects such as renewable energy implementation and development or carbon sequestering like forest planting. There are many different programs that do this. The non-profit organizations that provide this service are tax deductible, but all of them will deduce your carbon footprint to ZERO.
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