Take Advantage of Rebates and Upgrade Your Home Appliances Now

As most homeowners know, reducing energy consumption and increasing the efficiency of your home can save you a significant amount of money. There are many ways to reduce your overall energy consumption and to increase the efficiency of your home. Many methods of doing so, require purchasing some products. For example, purchasing and installing a new energy star rated refrigerator can save you a significant amount of money on your electrical bill. Likewise, adding insulation to your home can save on your heating and cooling costs.

Many homeowners have upgraded their home over the past year. Upgrades from buying a new fridge, to replacing a water heater, to installing a front load washing machine can and will save you money in the long run. Additionally, maybe you decided that your home was in need of some more insulation in the attic or exterior walls. All of these changes within your home impact your overall energy consumption.

The money spent up front for replacement costs of old appliances does add up quickly. Most of the money saved on energy consumption from the new appliances will help you recuperate the costs over several years.

What many homeowners do not know is that the federal and state government is willing to reimburses you for a portion of the costs of the new materials you installed in your home.

The federal and state governments, through home energy efficiency improvement tax credits will issue you a credit of up to 30% of the costs of some of the items listed above. If you purchased items such as efficient windows or doors, or installed new insulation, or heating and cooling equipment between January 1st of 2009 and December 31st of 2010, you are eligible for tax credits.

The tax credits cover 30% of the costs of the materials and labor up to a capped $1,500. This credit represents a significant discount for installing these item now.

Beyond federal tax credits, many states also offer similar credits. Some states offers credits for energy star rated appliances and some states offer trade in rebates for your old, inefficient appliances.

So if you have already updated your home and some of the updates include items mentioned above or if you plan on updating your home soon, take note of the available tax credits. Now may be the best time to make your home more efficient and to take advantage of the incredible savings. The credits will expire soon so now is the time to go "green".