Reducing Expenses: Going Green
Wednesday, October 7th, 2009Just prior to the publication of this blog, Congress passed a law that removed the ceiling on the amount of tax credit one could receive if he or she invested in Green Technology like installing solar panels and other Green Technology items. Now, you will receive a tax credit, not a deduction, for 30% of the entire Green Technology investment. While this is not really a reduction in expenses, because you have to make an investment in the technology, it will actually reduce your expenses in the long term, and the government is helping you pay for it to boot! For example, if you install solar panels to create hot water free, you will be reducing your electricity or gas usage to heat the hot water. While you would need a sizable area of solar panels, it is theoretically possible to be a net supplier of electricity to the grid, where the power company would pay you for electricity generated!! Now wouldn’t that be a twist?