The other day I discussed the financial return of buying an Energy Star refrigerator. At the time I decided that spending an extra $350 to save $7 a year wasn't worth it. However I forgot to figure in the rebates and tax credits I'd be eligible to get for buying the energy star fridge.
If I bought that energy star fridge I'd be able to get a $50 rebate from my electric company and a $50 tax credit for my state. That's a $100 total incentive to buy a $700 fridge. In this case it still wouldn't be worth it in my opinion. You're still spending $250 extra and a $7 annual savings doesn't justify it.
But depending on what you're buying and the incentives available the difference might make it worth a purchase. I'd recommend checking for rebates and tax incentives when evaluating an energy saving improvement such as the purchase of an energy star appliance.
Here's a few places to look for information on rebates and tax incentives:
- Check your electric or gas utility website to see if they have any rebate offers.
- Look for your state tax information to see if they have any tax credits or deductions
- Search the Energy Star site to search for rebates and incentives based on ZIP code.
- Federal tax incentives information for energy savings also from Energy Star.
- You can also look at the manufacturer or reseller for any special rebates or promotions they may be running.