By Lena Babaeva Coradini
Green incentives can save you money on energy-efficient appliances or other green products this year. Here are some incentives noted in an interview that are relevant to all folks, not just those residing in Washington state:
Q: Why are more of these programs popping up now?
A: Although green financial incentives have been around for decades, governments and utilities have really upped the ante lately, seeking to boost the moribund economy and protect the environment at the same time.
The federal government has made green incentives a key part of its economic stimulus efforts. The latest example is the new "Cash for Clunkers" rebate program for appliances, where the feds provide the money but each state sets its own rules and runs the program.
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Q: What are the highlights of the new federal tax credits?
A: For many energy-efficiency upgrades, you can get a tax credit for 30 percent of your costs, up to $1,500 for 2009 and 2010 combined. Eligible improvements include greener windows, doors, roofs, insulation, water heaters and furnaces.
In a related program, you can receive a 30 percent tax credit with no upper limit if you install an alternative energy system for your home such as solar, wind or geothermal. This credit will be offered until 2016. Visit www.energystar.gov/taxcredits for details.
Q: Are there any other programs I should know about?
A: A federal tax credit for hybrid cars has been available for several years, but the most popular models are no longer included because each manufacturer can sell only a certain number of vehicles eligible for this credit.
However, if you buy a plug-in electric vehicle such as the Nissan Leaf expected to hit the streets this year, you will likely qualify for a $7,500 tax credit. Car dealers should have information about relevant rebates, or you can search the Internal Revenue Service Web site (www.irs.gov).
There are, of course, Tennessee specific incentives available as well as local incentives for energy efficiency improvements and for alternative energy generation.