It’s back! Removed at the end of 2007, the Green tax credit is coming back.
Rolled into President Obama’s proposed stimulus package is an increased tax credit for energy-saving home improvements.
Green your home, get a tax credit!
According to this article on tax cuts, Congress Moving Fast on Tax Cuts, President Obama’s plan includes:
Increasing the tax credit for energy saving home improvements and extending it through 2010. The credit is likely to be raised to 30%, from 10% now, with a cap of $1,500 rather than $500. Improvements that qualify for the credit include energy efficient skylights, windows, outer doors, water heaters, central air conditioners and biomass stoves.
Although the economy is suffering, there may be ways to justify an up-front expense, such as a tankless water heater, which will bring long-term savings.