Green is the New Tax Break » Frost Magazine

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Jun 07

Green is the New Tax Break

Being green isn’t just a good idea because it’s good for the environment. While protecting ecosystems is lovely, a more immediate concern is your pocket-book. The following are a few reasons why being green is money-friendly now.

Valuable Tax Deductions

Tax Deductions For Going Green

Avail Valuable Tax Deductions For Going Green

 

Image via Flickr by KOMUnews

There are several tax deductions that still apply in the realms of electric cars and using more energy-efficient household items. While the deductions aren’t quite as generous today as they were in 2007, there is still a lot of money to be saved if you go aggressively into making your home work better and use less energy. In some cases, you can save up to 30 percent of the cost of installing items like solar panels and wind turbines. While these deductions may not last, they can help to take the sting out of the initial installation costs of some green items.

Lower Energy Bills

It goes without saying that if you make your home work more efficiently, you won’t use as much electricity. It also makes sense that you won’t use as much natural gas if that gets involved in your heating process. As you may have already guessed, this can mean saving a lot of money in heating and cooling your home. In cases where you use well insulated windows to add light, it can even lower your light bill. Alternative power production such as the installation of solar panels also works well to cut down your bills. There are all kinds of ways you can save money every month just by going greener.

More Value if You Sell Later

You may love your home so much that you stay in it for the rest of your natural life. But if you ever decide to move and sell your home, a lot of potential buyers will be impressed by a more efficient place. This works on a couple of levels, and they aren’t just about the immediate cash savings the buyer will get from having lower utility bills.

Naturally, a more efficient home is going to have the lower energy bills you heard about earlier. But what isn’t always so obvious is that a more efficient home usually comes from an owner who cares more about it. This care tends to result in less deferred maintenance and a better home, which will be less likely to need major maintenance early on.

More Comfort During Outages

Sometimes a utility is going to fail. As annoying as this will inevitably be, if you have alternative power generation going on you won’t be totally powerless. If you use a geothermal heating and cooling system powered with wind or solar panels, you may also be able to keep your home comfortable during an outage. If your insulation and blinds are good and you aren’t letting out too much of the air temperature you want, this also speaks of more comfort when the situation isn’t ideal.

There are so many ways you save money when you make your home more efficient. Going green may be the best thing you have ever done for your finances.