Many buyers will find themselves in the market for a new appliance or two soon after closing. Replacing appliances left behind in a sold home, no appliances in a new purchase or you might just want to upgrade from what currently exists on the property. Often times the plan might even extend further to replacing, upgrading or installing other energy saving measures such as new windows, insulation, HVAC or hot water heaters.
It does not matter if you are a new home purchaser or just looking to make some improvements to a current home, it is important to know that there is cash set aside in the American Recovery and Reinvestment Act passed last February! Here are some of the highlights:
-Tax Credit: 30% of the Cost up to $1,500
Expires December 31, 2010
Must be existing home & principal residence (No rentals)
Includes work to install new or upgrade existing: HVAC, Insulation, Roofing, Water Heaters, Windows and Doors.
Credit can only be taken off the cost of materials- not labor & installation.
Make sure you check out HOW TO APPLY for the tax credit.
-Consumer rebates for new appliance purchases
Over $300 million set aside in stimulus bill for direct consumer rebates
Each state will have its own rebate system and specific requirements.
Rebates will most likely be between $50 - $250 depending on appliance and price.
States will most likely have the program details in Dec. 2009 or early 2010
Most likely these rebates will NOT be retroactive (so you might hold off those purchases for now.)
Don't let these rebates and tax credits pass you by! They can certainly help make those new appliances and home upgrades a little more affordable. For more information and full program details be sure to check out http://www.energystar.gov/ .
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