Spring into Tax Savings with Drop in and Win and Energy Star Appliances
Tax time- not a lot of fun. But look at it this way: it’s a little bit like New Year’s Eve. We all think “What can I do better next year?“ But the resolution in this case is to find ways to lower our taxes.
Good news, homebuyers! If you’re buying a home this year, you’re already on your way to enjoying tax breaks not available to you as a renter. Among these: the mortgage interest credit; mortgage point buy- down credit; and property tax credits. (For more information on the tax benefits of owning a home, check out our recent blog on that topic.) You can also fill your house with items the government smiles upon, and as it turns out, these are items that will make you smile as well. They’re the appliances that keep your clothes and dishes clean, that regulate heating and cooling, that store or cook your food. And if you choose Energy-Star ® versions of these appliances, you could be rewarded with tax breaks and rebates.
Drop in and Win is almost over, but there’s still time to visit one of the homes you’ve been looking at with your agent so you can be entered to win. If you do win, you might select a Sears gift card. With this prize money, you could stock your home with the latest in energy efficient appliances.
Ecological, Economical…and Cool!
The Energy Star ® line doesn’t just save you money on water, power, and possibly offer tax rebates. It’s also kind of adorable, as evidenced by this washing machine/dryer in candy apple red.
Or how about this sleek fridge with freezer drawer? (It also comes in black!)
How Much Money Can You Save?
If your appliance qualifies for a federal tax credit, you can recoup 30% of the purchase price, but only if you are a homeowner. Renters cannot claim this credit.
And saved taxes are obviously only icing on the cake with it comes to energy efficiency. You save money every day you use and enjoy these appliances in your new home. For example, according to the EPA, Energy Star® qualified washers use more than 50 percent less water and about 37 percent less energy than regular washers. So, even though not all models qualify for federal tax credits, they will pay you back in lower energy bills within a reasonable amount of time, even without a tax credit. You can see the latest IRS information on what is and is not allowed as a credit here.
Where Can You Save?
States and cities have different approaches to encouraging homeonwers to buy energy efficient appliances. Sears has a map on which you can click to see what kinds of rebates are offered in your location. You can also call your local Department of Housing or Mayor's Office for the latest programs meant to support green renovation.
So even if you fall in love with a house built in the 1800s that hasn't been updated since, ZipRealty (and maybe Uncle Sam) can help bring it to the 21st century, saving you money as well as saving precious resources.