Join Early Retirement Today
Thread Tools Search this Thread Display Modes
Energy policy act of 2005
Old 05-09-2006, 12:27 PM   #1
Thinks s/he gets paid by the post
Join Date: Jul 2004
Posts: 1,505
Energy policy act of 2005

I briefly touched on this in the water heater thread, but i wanted to make sure my frugal friends here are aware of these tax breaks that are good through the end of 2007. Link at

The best one looks like the water heater one, because its a $300 credit on an item that i'm told doesnt cost much more (if not at all) than $300 dollars anyway (for a typical 40/50 gallon water heater). So, if you install it yourself, its basically free. The other credits might be useful too. Refer to that link above to make sure whatever you get meets the minimum specifications required to be eligible for the credit.

Remember, credits subtract directly off of what you owe on your taxes, as opposed to deductions, which you have to itemizie and dont even help unless you exceed the standard deduction.


azanon is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Re: Energy policy act of 2005
Old 05-09-2006, 02:12 PM   #2
Thinks s/he gets paid by the post
Join Date: Jul 2005
Location: Minnehaha
Posts: 2,375
Re: Energy policy act of 2005

Thanks azanon -
couple of those are possibilities this year.

MinnesotaEats -
Danny is offline   Reply With Quote
Re: Energy policy act of 2005
Old 05-09-2006, 02:17 PM   #3
Full time employment: Posting here.
Join Date: Mar 2005
Posts: 927
Re: Energy policy act of 2005

My rental property clearly does not qualify for the residence credits -- but would it qualify as a business under this program?

For instance, if i switch out the 40-year-old furnace with a qualified replacement, can I get the credit?

Caroline is offline   Reply With Quote
Re: Energy policy act of 2005
Old 05-09-2006, 03:05 PM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
cute fuzzy bunny's Avatar
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,697
Re: Energy policy act of 2005

I believe the only water heaters that qualify for that tax credit are geothermal and ones that beat a specific energy efficiency rating, of which currently only some tankless units successfully do. The cheapest tankless heaters are a good bit more than $300 to buy, and can be pretty expensive to install depending on the location and setup. A tankless heater to service the average 3-4 bedroom, 2-3 bathroom house is going to run close to a grand plus installation.

Sure puts a dent in the cost of it, if you're going to do it anyway though...

"A tax credit of up to $300 for geothermal heat pump water heaters with an evergy factor of at least 2.0 and for natural gas, propane, or oil water heaters with an energy factor of at least 0.8. The only models that meet this standard currently are tankless water heaters and some systems that combine both space and water heating."
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
cute fuzzy bunny is offline   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Who's watching the watchers? ladelfina Other topics 55 05-17-2007 11:29 PM
FPA's sem-annual report & Rodriguez's view on energy wildcat FIRE and Money 0 11-23-2006 01:08 PM
PsyopRanger's Crazy Investing Style PsyopRanger FIRE and Money 38 07-06-2006 09:35 AM
Which Insurance Policy Should I Dump? wagemonkey Other topics 3 01-31-2006 11:46 AM
2005 Home Energy Costs REWahoo FIRE and Money 25 01-04-2006 06:22 PM


All times are GMT -6. The time now is 12:39 PM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2016, vBulletin Solutions, Inc.