Four Ways To Get Paid To Go Green

If you’re daunted by the idea of going green, and how much “green” it might cost you, President Obama wants to help lighten your load.

The economic stimulus package provides billions of dollars for renewable energy products, and the average taxpayer can tap in to some of that money. Here are four ways you can help both the environment and your wallet come tax time:

Solar Power Is Affordable

1. Solar Power

In the past, the government offered to pay 30% for solar panels to be installed on your home, but with a cap of $2000. That cap has been removed, and with an average installation cost of around $40,000 ($12,000 paid for by the government), solar energy has become much more affordable. Many states also have provisions that pay for an additional portion (however others, like Illinois, ran out of funds due to an overwhelming response). The federal tax credit is good until 2016.

2. Hybrid Vehicles

Tax credits are still available for purchasing certain hybrid vehicles. For instance, you can get an $850 credit if you buy a 2010 Murcury Milan, as long as you buy before March 31st of this year. For those looking into alternative fuel vehicles such as the 2010 Honda Civic GX, you can get up to a $4000 tax credit through the end of 2010. For more information, visit www.fueleconomy.gov/feg/taxcenter.shtml

3. Biomass stoves

You may never have heard of these, but a Biomass stove is one that burns plant-derived fuel, such as wood or other agricultural based products. If a certain stove meets efficiency standards, you can receive 30% of the cost, up to $1500. Biomass stoves typically range from $1500 to $4000. The credit lasts through 2010.

4. Home Improvements

If you made certain home improvements in 2009 or 2010, you can claim 30% of the cost of the products (including labor on heating and cooling equipment), up to $1500. Energy efficient windows, doors, roofing and insulation all qualify.