The Emergency Economic Stabilization Act of 2008 has been signed. So what does it mean for most of us homeowners? I suppose there is the potential you won't be foreclosed on or your ARM won't skyrocket out of control. But for those of us who are not in a bad financial state, will it affect us? Its nuances are over my head, I admit.
That's why I defer to Consumer Reports Money Blog, which lists the following tax breaks for various energy-efficient activities:
•A new tax credit ranging from $2,500 to $7,500 for purchasers of plug-in electric-drive vehicles.
•A new tax credit of up to $4,000 for homeowners investing in wind power, and up to $2,000 for investments in geothermal heat pumps.
•A one-year extension of the tax credit for homeowners investing in energy-efficient improvements, including windows, doors, and heating systems.
•Expansion of the tax credit for homeowners investing in solar electricity, though 2016. Current law says you can only claim a credit for 30 percent of what you paid, up to a cap of $2,000. Starting next year, there's no cap. A $10,000 investment in
solar electricity would yield a credit of $3,000, versus $2,000 today, according
to Mark Luscombe, tax analyst for CCH, a tax information provider.
Wow, a ton of stuff in there to think about. I'm following the electric car developments closely, but since I don't plan on being in this house for more than five years, renewable energy options are still probably not in my picture. But for those of you who are settled, you might want to consider looking into some of these options.
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