There are some great incentives in Oregon and around the US to “go green” when it comes to improving your home. They come under the heading of “renewable energy” and “energy efficiency”. Renewable energy has to do with getting energy into your home in a way that doesn’t cause harmful waste – like installing solar panels. Energy efficiency includes ways to utilize the energy coming into your home more efficiently – like putting in energy-saving lightbulbs, or installing double pane windows.
There are federal tax credits for creating an energy efficient home, as well as state tax credits. For example, Oregon offers a tax credit for energy efficient home improvements for those who are either home owners or even renters.
Some home improvement options which offer tax credits are:
– Installing a “cool roof”. For a sloped roof this means metal roofing. A cool roof will not only help you save on your energy bill, but it qualifies you for a tax credit.
– Installation of a tubular skylight – which offers the ability to turn off more lights in your home and which will give you a modest savings on your energy bill – as well as a tax credit.
– Solar power is pretty expensive to install, but you can get a hefty tax credit to offset your costs.
There are many other home improvement options which offer tax credits and occasionally offer credits from the manufacturer. The take-home idea is, even if you make a green change that doesn’t offer a tax credit or doesn’t give you a great tax credit, it’s likely to save you quite a bit of money when it comes to other expenses in the home. If you are doing a large home improvement job, find out what green options fit your life, your home, and your wallet.