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How Black Homeowners Are Losing Millions Needlessly

[ Posted On: 2007-01-02 ]

Black Homeowners, now's a good time to make home improvements. Making eligible home improvements, the kind of improvements that will reduce your energy cost can save you money. Because the U.S Government will reward you to do it. It's like a double barrel benefit to you. You can reduce your taxes by making your home more energy efficient and save on your monthly energy bill at the same time.

With all the ways your house can cost you money, here's a few quick and easy ways to get your house to pay you back for a change. Yes, courtesy of your friends at the U.S treasury Department and the Internal Revenue Service, black homeowners can get hundreds of dollars in tax credits by following a few simple actions. A recent tax law issues a tax credit when you perform certain improvements to make your home more energy efficient.

A tax credit is often more beneficial than an tax deduction. The reason: because a tax credit will reduce tax bill dollar-for-dollar. But a tax deduction will merely remove a percentage of the tax that you owe.

According to government research black homeowners lose between 10 and 50 percent of its energy through inadequate insulation and inefficient lights and appliances.

The law provides a 10 percent tax credit when you make specific energy efficient improvements to your home. To qualify, a home improvement must meet or exceed the standards set by the 2000 International Energy Conservation Code.

The Items That Are Eligible Are ...

Metal Roofs

Exterior Doors

Insulation systems that reduce heat loss (in the winter) or gain (in the summer).

Exterior windows

Skylights

Solar Panels

Solar Water Heating Equipment

Natural Gas, Propane or Oil Furnace

Hot Water Boiler

The maximum amount of homeowner credit for all improvements combined is $500 during the two year period of the tax credit.

The law also makes a credit available to those who add qualified solar panels, solar water heating equipment, or a fuel cell power plant to their homes.

In general, a qualified fuel cell power plant converts a fuel into electricity using electrochemical means, has an electricity–only generation efficiency of more than 30 percent and generates at least 0.5 kilowatts of electricity. (Source: Internal Revenue Service, IR-2006-34, Feb. 21, 2006).

Energy Bill Covers A Wide Range of Consumer Products

The energy bill sets new minimum energy efficiency standards for consumer products, including heaters, refrigerators, and lighting units. It also encourages the sale and production of energy efficient products. This helps to increase the supply of available energy, helping families meet their bottom lines. Tax credits are available for efficient central air conditioners, heat pumps, and water heaters, as well as to upgrade thermostats, install exterior windows, and stop energy waste.

So take the time to learn more ways to make your home more energy efficient and keep more money in your pocket, courtesy of the U.S Government.

For more information, ideas and tax credits for making your home more energy efficient go U.S Department of Energy

You may also be eligible for low cost loans and grants to help make your home more energy efficient. Now you have the information that will help your house pay you back!

Article Source: http://www.afroarticles.com/article-dashboard

About The Author: Roy Primm is publisher of the largest source of infomation for the black homeowner on the web. The site born out of the Hurricane Katrina fiasco on black homeowners exist to keep black homeowners informed of the latest tax & housing laws. In addition offers tips on financing, predatory lending warnings, fair housing alerts & the latest home improvement scams. Subscribe to the free weekly newsletter "Black Home Owner Newsletter: www.BlackHomeOwnerNews.com

| View Profile & All Articles By: Roy Primm |

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