Twelve Tips to Making a Home Energy Efficient

Making your home more energy efficient can help to reduce high energy bills, improve comfort and help to protect the environment. Here are twelve tips to become more energy efficient and save money.

•  Invest in a cool gadget like a programmable thermostat. Set thermostats at 78°F in the summer and 68°F in the winter. A programmable thermostat can save you about $180 every year in energy costs.
• Install Low-flow shower heads: Simply by installing low-flow shower heads and faucet aerators ($10 to $20 each), you’ll cut your hot water consumption by 25% to 60%. 
• Insulate Your Hot Water Tank: If you have an older tank, and especially if it’s located in an unheated space, wrapping it with an insulating blanket is a cheap and easy way to reduce costs.
• Insulate Exposed Hot-Water Pipes and By insulating your hot water pipes and heater, water will arrive at the faucet 2 to 4 degrees warmer, which means you won’t have to wait as long for it to heat up, thus saving energy, water, and money.
•  Use LED's in your recessed ceiling lights, stairwell lights and inconvenient fixtures. It’s an 80% energy
  
  savings over incandescent bulbs, the LED bulb life is up to 50,000 hours longer than CFL's.

According to Georgia Power, residential heating and cooling systems account for as much as 52 percent of your home’s energy use.  This means a poorly maintained heating and air system can increase your energy bill dramatically.

• Change your air filter regularly.
• At a minimum change the filter every 3 months, but during heavy use months (summer & winter) check your filter every month to see if it is dirty enough to change.
• Have heating and cooling systems professionally serviced once a year to keep them running as efficiently as possible.
•  Seal your heating and cooling ducts. Gaps in joints and at plenums can cause your heating and cooling bills to increase by as much as 30% and can allow air contaminants to enter the home.
• Make sure all air registers or floor vents are clear of furniture so that the air can circulate freely. If your home has radiators, place heat-resistant reflectors between radiators and walls. In the winter, this will help heat the room instead of the wall.
•  Install a properly sized ENERGY STAR qualified ventilation fan in the bathroom to control moisture in the air while you shower or bathe, as well as control mold and mildew growth. Run your fan for 15 minutes after showering.
•   Install insulation in your attic. This is a fairly easy DIY project that will really make a difference in your energy and comfort of your home.

Improving energy efficiency is an important first step for homeowners interested in green remodeling. To find out more on home to becoming a more energy efficient home, and qualify for energy tax rebates go to the Energy Star website.

Home Buyer Tax Credit Closing Date Extension & Flood Insurance Extension

From: NAR Government Affairs

After a close brush with the deadline, Congress has passed an extension of the Homebuyer Tax Credit closing deadline, the Homebuyer Assistance and Improvement Act (H.R. 5623). The extension applies only to transactions that have ratified contracts in place as of April 30, 2010 that have not yet closed. The legislation is designed to create a seamless extension the new closing deadline for eligible transactions is now September 30, 2010. There is will be no gap between June 30 and the date the President signs the bill into law.

NAR worked closely with Congressional leaders on both sides of the aisle to enact this important legislation. Extending the Tax Credit Closing deadline will help provide additional stability to real estate markets across the nation.

For additional information on the extension visit www.realtor.org/government_affairs

Additionally, the United States Senate has passed the National Flood Insurance Program Extension Act of 2010 (H.R. 5569) an extension of the National Flood Insurance Program until September 30, 2010. This will allow transactions to move forward. The bill is retroactive and covers the lapse period from June 1, 2010 to the date of enactment of the extension.

For more information on the flood insurance program visit www.realtor.org/government_affairs

The Basics: 2009 First-Time Home Buyer Tax Credit

Bringing the Dream of Homeownership Within Reach
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time home buyers.

Here is more information about how the 2009 First-Time Home Buyer Tax Credit can help prospective home buyers become part of the American dream.

Breaking news: Tax Credit Can Be Used on Closing Costs.

Who Qualifies?
First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

Which Properties Are Eligible?
The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Will the Credit Be?
The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors: The price of the home—the credit is equal to 10% of the purchase price of the home, up to $8,000. The buyer's income—single buyers with incomes up to $75,000 and married couples with incomes up to $150,000—may receive the maximum tax credit.

If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit. The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $95,000 for singles and over $170,000 for couples are not eligible for the credit.

Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.

(from Realtor.org)

Tax Credit for Homebuyers

First-time homebuyers who purchase homes from the start of the year until the end of November 2009 may be eligible for the lower of an $8,000 or 10% of the value of the home tax credit. Remember a tax credit is very different than a tax deduction – a tax credit is equivalent to money in your hand, as opposed to a tax deduction which only reduces your taxable income.
The tax credit starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000. Buyers will have to repay the credit if they sell their homes within three years.
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