incentives

After I posted about potentially canning my un-green bathroom remodel and using the money budgeted for it to purchase solar panels I looked for information on solar tax credits to help me decide if I could afford them. 

Solar water heater and solar panel tax credits expire December 31, 2008.  Apparently there is a bill to extend them which has passed the House but not the Senate.  Come on, fellas!  I need more time! 

If you are feeling the pressure to rush out and get solar panels like me, checkout the Database of State Incentives for Renewables & Efficiency (DSIRE).  Click on your state to see a comprehensive list of green incentives.

Here’s another great site with a tool that will estimate the cost of a solar installation as well as what it will save you and how well your area can utilize solar energy.  I contacted my electric company to get the total kilowatts I used over the last 12 months, along with the my average bill for Summer, Spring, Winter and Fall so that I could find out what a proper system would cost me (and save me).

Here’s what they recommended for my house based on the information I input into their estimator.

Since 2008 was to be the year I’d buy a Hybrid, I’ve been doing some research to find out more about Hybrid tax credits.  It turns out that the Toyota Prius tax credit no longer exists.  I’m pretty bummed about it. 

When a new Hybrid hits the street, only a certain number of credits are allowed.  So, the Prius I was hoping to downsize to will not be saving my tax dollars because it’s been around too long.  Even though there are new Hybrids being released that will still qualify for the tax credit, I’m just not sure I trust these newbies enough.

The Toyota Prius (and Honda Insight) has been around longer than any other mainstream Hybrid car.  I fashion myself a risk taker, but truth be told, I’m much more comfortable buying from a manufacturer who has pioneered a new technology, especially when I’m spending over $20,000.  I’m never the one with the first of anything because I want to give a company time to fix their first-generation problems.  There are always first-generation problems.

Maybe it’s not realistic but I think we ought to get tax credits on every alternatively fueled car produced until all the gas guzzlers (like my Mitsubishi Diamante) are off the road, or until they discover a Jeannie who can wish us up some oil for cheap.

Here’s a table that shows the tax credit we can expect depending on the model of Hybrid we are driving or buying when we file our taxes next year.

 courtesy of irs.gov

So, what would you do, take the loss of the tax credit and buy the Prius, anyway, or take a chance on one of the manufacturers that are just now getting around to developing Hybrids?  And if you have a Hybrid that you love or hate, leave a comment and tell us about it.  It may help those of us who are shopping for Hybrids make a decision.

Here’s a great article with a summary of all the 2008 green tax credits.  Stay tuned for “Don’t Take My Green Tax Incentives! Part II - Solar Power.”