Consider these tax credits to help manage your budget

The economy has prompted a lot of us to take a look at ways to save money on our household budget, including energy costs.

And while it might seem easier to look at short term fixes it is sometimes prudent to look at long range remedies, as well.

Take for example the following tax credits that are being offered through end-of-year 2011:

  • Biomass stoves qualify for a $300 credit on an existing primary residence.
  • Central air conditioning qualifies for a $300 credit on an existing primary residence. There are also credits for other HVAC modifications like electric heat pumps ($300), furnaces and boilers ($150), and advanced main air circulating fan ($50).
  • Insulation materials specifically designed to reduce heat loss or gain in your existing primary residence quality for a 10% credit of the cost, up to $500.
  • Roofing materials that are Energy Star rated (such as metal and reflective asphalt shingles) qualify for a credit of 10% of the cost of materials, up to $500, on an existing primary residence.
  • Non-solar water heaters qualify for a tax credit of $300 on an existing primary residence provided the energy factor is within certain guidelines.  Learn more at the Energy Star site.
  • Exterior windows, doors, skylights, and solar tubes can result in a 10% credit toward the cost of the materials up to $500, with windows being capped at $200. Again, all materials must be Energy Star rated.

To find out which products qualify and the exact credit for that product, it’s best to take a look at the U.S. Department of Energy’s website for more information.

Do the math

A quick calculation of the above numbers should yield a tidy sum whether you incorporate all or one.  Either way, it’s like money in the bank while also adding value to your property and increasing your own comfort.

How’s that for taking control of your personal budget?