Hartford Business Journal

CT Green Guide Spring 2014

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Reaping Energy-Saving Tax Benefits 'T is the season to break old habits, set lofty goals, and pray Uncle Sam is gener- ous on your tax return. Good news, for those who dedicated 2013 to living green, there may be some se- rious tax breaks in your near future. Talk of global warming and the thought of our children living in a pol- luted, unstable wasteland has struck fear in our hearts, including the gov- ernment's. This is one of the reasons why the Internal Revenue Service provides tax credits and benefits to energy-conscious homeowners. Whether you installed rain barrels, decided to take advantage of public transit, or found a way to make your home more energy efficient, chances are your green efforts will pay off, literally. Accord- ing to the IRS there are six major energy- related tax break programs. The following are the most inclusive: • Residential En- ergy Efficient Property Credit — This provides tax rebates to those who have made energy efficient improvements to an existing home. It may include the addition of foam insulation or instal- lation of efficient HVAC systems. • Residential Energy Property Credit — This rewards homeowners using alternative energy equip- ment such as wind turbines and solar panels. You don't have to make major in- frastructure changes to ben- efit from Uncle Sam's energy-efficient nod of approval. Both Easy Street rid- ers and rain- water harvest- ers will reap rebates, too. Commuter Tax Benefits rewards those whose company participates in commuter transport programs, like the Pratt & Whitney employees who vanpool to work every day. Those who qualify will receive tax breaks for cut- ting carbon emissions. For the more specialized Moses Bones in the world, harvesting rainwater may qualify you for substantial rebates as well. You've worked tirelessly to make your home a greener, healthier, more environmental friendly place to live. How do you make sure your dedica- tion doesn't go unnoticed? Here are some ways to take advantage of fed- eral, and state, tax break programs. First, consult your accountant. He or she will know the best way to go about applying for a rebate. If you're filing on your own, take advantage of the Database of State Initiatives for Renewables and Efficiency (DSIRE) as well as Energy Star. If you're filing yourself using online software, make 14 ConneCTiCuT Green Guide • SprinG 2014 www.CTGreenGuide.com Sustainable Living with Kaitie Chassé Taking green business ideas to everyday life iLLuSTRATion | KAiTie CHASSé Moses Boone of New Haven earns tax credits for his conservation efforts, making rain barrels to harvest water for gardening. PHoTo | KAiTie CHASSé

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