First-time home buyer? If you enter into a contract by April 30, 2010, and close before July 1, 2010, you can still qualify for the 2009 first-time homebuyer’s $8,000 tax break. As long as your income is less than $75,000 ($150,000 for a couple,) you can take advantage of the tax credit.
Already own a home? If you've owned your home for at least five years and sell it and purchase another home within the deadline, you can get a $6,500 tax credit.
Time is running out, so act fast! For more information, visit federalhousingtaxcredit.
When we think of energy-saving investments to our homes most of us think of big projects. Indeed, there are some big-ticket items you should consider that can increase the energy efficiency of your home. But there are also many smaller projects that cost little and that can go a long way in cutting energy costs and help the planet too. Start small and let the savings work for you.
Close air leaks in your home - A tube of caulk costs little but can save as much as 30% of your energy bill. Seal gaps around window and door frames, and holes in floors, ceilings, and attics that allow pipes, cables, and electrical connections to pass through. Seal windows or doors that don’t close completely with foam tape or weather stripping. Install automatic door closers on storm doors. Insulate your attic floor and basement ceiling.
Maintain heating and air conditioning systems - Air filters that are clogged with dust degrade the performance of heating and air conditioning systems—change them often. A yearly maintenance service agreement can help keep these systems running at top performance. Move furniture in your home away from air vents to allow free air movement.
Change your energy “habits” - Unplug cell phone chargers, appliances, and other electronics when not in use. Utilize sleep mode on your computer. Lower the setting on your hot water heater to 120 degrees F. Air dry laundry when possible.
Consider the following long-term energy-saving improvements as well. If you’re worried about funding these higher priced investments, consider a Home Equity Line of Credit. Don’t forget the energy tax credits if you make qualifying energy-efficient improvements in 2010.
Solar panels - Solar panels can be expensive to install but can result in significant savings, especially if you plan to be in your home long term. Solar power can provide electricity to a bank of batteries or used to heat water. If you’re considering installing solar panels, visit findsolar.com to determine whether it is feasible in your area.
New windows and doors - Replacing old single-pane windows with double-pane, especially double-pane metallic-coated “low-e” glass windows, can reduce your energy consumption. You should also consider replacing your exterior doors. Not only will you benefit from the energy savings, but you will increase curb appeal. New windows and entry doors can save you several hundred dollars per year in heating and cooling costs, depending on where you live.
New heating and air conditioning - Replacing your old HVAC systems can shave up to $200 from your annual bill, particularly if your unit is more than ten years old. Advances in heating and cooling technology, and new systems like residential geothermal units, give homeowners many options.
Not sure what to do? Contact your home improvement professional for additional information and ideas specific to your home.