Know Your Green Tax Breaks?

Green tax credits are growing in popularity with both state and federal governments, and with American citizens?and for good reason. Buying energy efficient materials to help you conserve heat, for example, helps you reduce your heating bill, and reduce energy consumption as well, which is good for everyone. It also helps drive business to green-minded companies who make stuff like solar panels and wind turbines, and helps create green jobs. Don't be surprised if you see more and more green tax credits emerge in coming years?Obama's stimulus plan and budget were packed full of them.

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Okay, that was an easy one: the US government wants to help you buy solar. When you buy and install any of the noted solar systems, you're eligible for a tax credit for 30% off the cost, up to $2,000 (except the heater, which has no limit!).

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Yup, you can get a tax credit of up to $7,500 for buying a Prius. Well, actually, due to a stipulation where the credit is only available for 60,000 hybrids from each manufacturer, unfortunately the Prius has been phased out. But there are plenty of other great hybrids you can get for a discount.

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Buying a Mazda Tribute (2X Wheel Drive, not 4X) will land you a $3,000 tax credit?along with the Mercury Mariner Hybrid, and the Ford Escape Hybrid. Though if you really want to be going green, it's probably not the best idea to opt for an SUV, even if it is a hybrid. If you've got to have one, however, might as well make it a hybrid and grab the tax break.

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If you're not riding your bike or taking public transit to work, it makes more financial sense than ever to start doing so now. Not only will you save gas money, but you can benefit from tax incentives as well. You can work with your employer to set aside up to $320 of tax-free dollars from your pay for public transit (which will save you hundreds of dollars over the year). And in addition to being great exercise and costing nothing, biking to work earns you a tax credit for $20 dollars a month, ostensibly for repairs and upkeep costs. Cool.

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Biomass stoves, most commonly known as pellet stoves, are a great green way to heat your home. They're growing in popularity, thanks in part to the fact that you can get 30% off of your expenses in purchasing one.

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So, you can get tax credits for replacing windows and doors with energy efficient ones, and making other energy efficient home improvements for that matter, but not just because they're made out of recycled materials.

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Yes, you've likely heard of Cash for Clunkers, or CARS, the system that allows you to trade in polluting vehicles for either $3,500 or $4,500 towards a new cleaner one. It's already been driven out of funding due to its popularity once, but its coffers have been renewed and will continue at least through August.

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Aside from paint, everything on that list can nab you a tax break?most of it for up to 30% off of the total cost of buying and installing it. Pretty good deal.

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Buying your very own wind turbine might seem strange, but plenty of people are doing it, and generating clean energy to power their homes with. They can cost anywhere between $600 and $12,000, and you can get a 30% tax credit on the total cost.

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