Clark Howard Tells You How Going Green Will Give You A Tax Credit
Posted: 2:56 pm EDT September 15, 2008Updated: 3:12 pm EDT September 15, 2008
ATLANTA -- Stonehurst Place on Piedmont Avenue is the best of the old and the new. It was first built in 1896, but when it reopens as a bed and breakfast it will have green technology to save energy and money.The solar panels on the roof will be how the bed and breakfast will get its hot water."The gycol, which is a conduit, carries hot fluid down here, transfers into cold water, which is then stored in these tanks on a hot day. All this hot water generated from the sun will then be used in the bed and breakfast," said contractor Orion Hanson.On an overcast day, gas water heaters will help boost the water to 120 degrees."The owner of Stonehurst Place was ahead of her time -- because she missed out on a tax credit you can grab for yourself! It's called the Georgia Clean Energy Property Tax Credit. And if you get solar hot water panels, you can get a 35 percent credit on your state income tax," said Clark.That's on top of the 30% federal tax credit you can also get. And the people who put in the panels said it'll slash your hot water bill."It can save about 75% per year normally used for water heating," said Charles Cone with the Soenso Company.The state is also giving credits to people who buy windmills for their homes. The wind turbines generate electricity and reduce the need for dirty coal-powered energy."Now, if you decide to do this, the state tax credit is complicated," said Clark. "Get a tax professional to help you before you spend the money on the system. But if you play your cards right, you'll help the environment and your wallet at the same time."
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