Sopris Realty Blog: November 2009

Some other low-cost home winterizing tips:
Use a programmable thermostat. When installed and used correctly, you may be able to save $180 each year.
Get a tune-up for your furnace and change your furnace filter monthly. Clean filters create better air flow, while dirty filters can hike energy usage.
Reduce drafts by sealing air leaks and add insulation to keep precious heat from escaping. The EPA estimates that homeowners can typically save up to 20 percent of heating and cooling costs (or up to 10 percent of total energy costs) by air sealing their homes and adding insulation in attics, floors over crawl spaces, and accessible basement rim joists.
Get a window insulation kit from the hardware store to keep drafts at bay.

The American Recovery and Reinvestment Act (Recovery Act), enacted earlier this year, expanded two home energy tax credit: the non-business energy property credit and the residential energy efficient property credit.

That means you can perform energy-saving home improvements and reduce your 2009 tax hit. The credit equals 30 percent of what you spend on eligible energy-saving improvements, up to a maximum tax credit of $1,500 for the combined 2009 and 2010 tax years. The IRS says that by spending as little as $5,000 before the end of this year on eligible upgrades, taxpayers can save as much as $1,500 on their federal tax return.

What is included in the energy tax credit? The cost of certain high-efficiency heating and air conditioning systems, water heaters and stoves that burn biomass all qualify, along with labor costs for installing these items.

The cost of energy-efficient windows and skylights, energy-efficient doors, qualifying insulation and certain roofs also qualify for the credit, though the cost of installing these items does not count.

Before making any investments, be sure to check with your accountant or the IRS to be certain that your upgrades qualify for the credit.

Roaring Fork Valley residents may be eligible for $300 back on insulation upgrade.  http://www.aspencore.org/file/Insulate_Colorado.html

The first time home buyer tax credit has been extended and also includes buyers that are not buying for the first time.  All contracts need to be in effect by April 30, 2010 and close by June 30, 2010.  http://www.mortgagemarketguide.com/specialannounce_land_FEDSIGN.html