5 Things to Know About Energy Rebates

This month's "green living" focuses on energy rebates and incentives. See the July 2010 issue of Money magazine for more information.

Federal appliance rebates are going fast - The Cash for Appliances program is still available in DE, MD, NJ and PA. To check other states' availability, visit http://www.energysavers.gov/financial/70022.html. Rebates are issued on a first-come, first-served basis.

Most states offer their own programs - If you don't qualify for a federal rebate, check dsireusa.org for any incentives your state is offering for boosting your home's energy efficiency.

Two more chances for federal funds - For 2010 tax returns, you can claim a $1500 federal tax credit for up to 30% of the cost of many energy-related home improvements. If the Cash for Caulkers bill becomes law, homeowners would get large rebates on various energy-saving projects.

Do the math before deciding on a rebate - Some projects will give you greater savings than other projects. Have a comprehensive home energy audit performed to determine how to best maximize your budget and your rebate. Some utility companies will perform a basic audit or reimburse you for some of the cost of an independent audit.

Small projects can still pay big - Not all energy saving improvements require a large cash outlay. Every degree up or down on your thermostat saves approximately 2% on your annual heating and cooling costs. Replacing just five frequently used light bulbs with compact fluorescent bulbs can reduce your energy bill by about $70 each year.

Together, we CAN make a difference!