Spend now save later?
Does it make sense to buy a new washer/dryer, heat pump, insulated windows, insulation material or even a new water heating unit now so that you can save money in the future? The answer could be yes. A lot of items on the market are more energy efficient, which will result in long term savings on utility costs. You may also save money on your income tax return.
The IRS reinstated a Residential Energy Credit which may allow you to claim as much as $1,500 in tax credits in 2009 and 2010 for qualifying items. You can potentially claim a non-business energy property credit of up to 30% of the cost of certain energy-efficient property or improvements for items placed in service in 2009. Not all purchases qualify so be sure to visit the IRS website at http://www.irs.gov/index.html for qualifying purchases.
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