There are several tax credits available for purchasing energy efficient appliances. If you beat the December 31st deadline, you could save yourself more than $1,000.
According to Angie's List Founder Angie Hicks, if you're thinking about making improvements to your house, now is by far the best opportunity and time to get it done.
"If you have a heating and air conditioning system, it should last anywhere between 15 and 20 years. If you're approaching that 15 year mark, now might be the time to take advantage of replacing it," said Hicks.
Appliances that qualify for the tax credits include heating and air conditioning systems as well as insulated windows and doors. You can also purchase biomass stoves, water heaters, roofing and insulation and still be covered by the tax credits.
With those expiring tax credits, you can get up to 30 percent back on your heating and air conditioning system, up to a total of $1,500. You can receive a maximum credit of $1,500 for 2009 and 2010 combine. The tax credit is a dollar for dollar reduction for the amount of tax you owe.
You'll also feel the savings throughout the course of the year, as newer appliances are more efficient and cost effective than the older ones in your house. By purchasing a new appliance, not only can you make your home more efficient. You may also avoid the heartache of replacing that appliance when it unexpectedly needs an expensive repair or breaks down altogether in a few years.
One thing to keep in mind, however, is that not all services are covered by the expiring tax credits.
"Consumers need to do their own research and figure out what products are covered by the tax credit. Also, you should check to see whether installation is included in the tax credit or if it's only the actual product that receives a discount," Hicks said.
Hicks recommends talk to your tax consultant with any questions about rebates and refunds. Also, do not depend solely on the company offering removal and installation service for information about whether a product or installation and removal services are covered.
For more information, click onto www.angieslist.com