September 2, 2008

Rebates and Tax credits on Energy Star improvements

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:

  1. Check your electric or gas utility website to see if they have any rebate offers.
  2. Look for your state tax information to see if they have any tax credits or deductions
  3. Search the Energy Star site to search for rebates and incentives based on ZIP code.
  4. Federal tax incentives information for energy savings also from Energy Star.
  5. You can also look at the manufacturer or reseller for any special rebates or promotions they may be running.

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