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It pays to conserve energy in 2006

It doesn't come easy (695416) writes | more than 8 years ago

User Journal 0

As reported by MSNBC, you could collect as much as $7,400 or more in tax credits if you spend a lot of money on energy saving stuff starting in 2006 and going through 2010, courtesy of the energy bill signed into law by Pres. Bush in August of this year. Here's how the credits work: Buy or lease a hybrid gas-electric vehicle and qualify for a tax credit of up to $3,400. Install solar power in your home and get up to a $4,000 tax credit. Make your hAs reported by MSNBC, you could collect as much as $7,400 or more in tax credits if you spend a lot of money on energy saving stuff starting in 2006 and going through 2010, courtesy of the energy bill signed into law by Pres. Bush in August of this year. Here's how the credits work: Buy or lease a hybrid gas-electric vehicle and qualify for a tax credit of up to $3,400. Install solar power in your home and get up to a $4,000 tax credit. Make your home more energy efficient and get credits ranging from $50 to $500. The bill has some (IMHO) odd provisions, however. For example, [hybrid] credits are capped at 60,000 vehicles per carmaker and then start tapering off rather drastically, [and that means] they could phase out fairly quickly for companies with the best-selling hybrids. To put that into perspective, consider that Toyota is projected to sell 60,000 hybrids by the middle of 2006. Bottom line, if you're planning to buy a Prius next year, better do it before the end of May if you want to get the full tax credit...

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