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Articles: Home - Your Tax Credits are in Jeopardy

If you’re part of the increasing wave attempting to make your home more environmentally friendly and at the same time, reduce your energy bills, you might want to know that Congress is taking it’s time to extend the tax credits that are responsible for making many of these choices possible.

The tax credits that have driven the adoption of renewable energy sources in most states, including wind farms in 34 states, are set to expire at the end of the year unless Congress renews them. These tax credits have made the cost of implementation bearable when the power companies evaluate their business models and ROI. If the tax credits are allowed to expire, this plan and many others will slow to almost a standstill. Many new companies will close up and new jobs will be lost. If the tax credits are put back into effect at a later date, we will basically be starting from scratch.

How this affects you and your home is by encouraging investment and development in green or energy efficient technology. When the market sees energy providers making capital expenditures in renewable technology, interest builds and a trickle down effect begins that results in many new ideas being implemented. You probably don’t want a huge wind turbine tower in your yard, but you may be interested in smaller versions, solar panels, or appliances that help reduce your utility bills. Companies that produce these types of products also get tax benefits and assistance from the government. Many of the products you may be planning on may seize to exist if the tax credits are not renewed.

This market growth and interest in renewables has also resulted in an increased interest in automotive technology that will reduce or eliminate the amount of gasoline that you use. Several new companies have been funded recently that are working on electric, hydrogen, and compressed air powered cars. The major automobile manufacturers are producing more effective hybrid automobiles that run partially on batteries and partially on gas. Of course, this has a direct effect on you and the amount of remaining income that you have to take care of your home and family.

You also can qualify for tax credits depending on the technology that you implement.

Special interest lobbyists representing the oil companies, auto companies, foreign oil producing countries, coal companies, and other related industries will be working hard over the remaining months of the year to make sure that the credits expire. They will create what they refer to as statistical and scientific documents that supposedly show the inefficiency and high cost of wind and solar power when compared to their offerings while illustrating the supposedly great advances they have made in efficiency and reducing carbon footprints. The costs for adoption and far reaching adverse effects on the economy will be blown way out of proportion.

It is time for the Presidential candidates and Congress to put action where their mouths are.

We need to write as many of these people as many times as we can and ask them why, in view of the current situation and campaign promises, are they sitting on this?

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