3 Things You Need To know About Energy Tax Credits

3 Things You Need to Know About Energy Tax Credits

 There is a lot of information out there on Energy Tax Credits. As a first-time home buyer, you'll be watching your spending, expenses and budget very carefully but it is still easy to miscalculate savings on things like energy projects that you might have planned. We've broken down some common misconceptions on Energy Tax Credits below.1.  Energy Star Ratings are no guarantee you’ll get a credit: It is important to do your own research and make sure your project specifically qualifies.  Do not rely on contractors or employees at your local store to inform you of the latest qualifications.  Remember that no one cares as much about your money as you do. Going the extra mile and researching on your own is essentially if you are really looking to save money in the long run.2.  Be Careful of Counting on Specific Dollar Savings on Energy: Consider this when looking at what advertisers say you will save on heating, cooling or electrical costs.  The numbers they give you are usually averages.  The actual costs will greatly depend on the climate you live in and how efficient you are with your energy usage.  If you already are fairly efficient, you may not see a savings a great as advertised.3.  Don’t Overspend Trying to Save Money.  It is easy to spend a lot on energy saving devices and upgrades, leaving you with a payback period much longer than the time you plan to own your home.  Yes, it is good for the environment, but be mindful of balancing that out with planning your energy savings projects wisely to avoid overspending.