How Green Technology Can Save You Money

Tech Week Detroit is occurring this year. It is the largest technology conference in the country. I am sure green technology will be one of the topics. Green technology is using tools and methods to do things that are environmentally friendly and that also conserves natural resources and the environment.  Green technology does not damage or deplete the earth’s natural resources. Green technology is used so products can be re- used and recycled.  It is an alternative source of technology that reduces fossil fuels and creates less damage to people, animals, and plants.  Green technology also reduces the amount of waste and pollution that is created during the production and consumption of goods.

A large part of managing your finances is saving money.  Using green technology is a great way to help you save money and save the environment.  In some instances it may cost more money with the initial purchase but over time you will see the savings.   Green technology can be used in all areas of our life – cooling, heating, driving, electricity, computers, and more.  Here are 14 ways to save money using green technology. 

1. Pay bills online. Pay your bills online which saves you money on stamp, envelopes, writing checks, late fees or convenience fees. It also helps you budget your money quickly and easily.  You can also setup automatic bill payment through your bank.
2. Drive less. Use public transportation, car pool, ride a bicycle or walk.  With the increasing price of gas this will save you lots of money.  Consider moving closer to your employer or moving near a train station or metro station.
3. Showering.  Install a low-flow shower head to save money on water consumption.  Limit the time you take a shower to 10-15 minutes.
4. Hot Water Heater.  Trade in your gas or electric hot water heater for a solar water heater.  It uses the sun’s energy to preheat the water which can save 50-80% on your utility bill.
5. Water.  Drink tap water instead of bottled water.  Use a filter like Pur or Brita for your kitchen faucet or water pitcher.  This way you are not paying twice for water (your water bill and drinking bottled water).
6. Lighting. Use fluorescent light bulbs for lighting which will help you save money on lighting.  Also make sure you turn off the lights if you are out of a room for more than 20 minutes.  Use night lights to light dim areas if needed. 
7. Electricity.  Unplug large appliances and electronic devices when not in use.  Set your computer to standby or sleep mode when not in use.  It takes more energy to restart your computer every time you turn it on it than it does to wake it up from sleep mode.
8. Recycled.  Buy recycled products which usually cost 10-15% less than non-recycled products.
9. Power Strip It.  Use power strips to plug in your appliances and electronic devices.  Most energy is consumed when devices are turned off but not unplugged.  To save money, turn the power strip switch to off when you are not using the devices.
10. Energy Star. Energy Star has been around for a long time but now it is even cheaper to use energy efficient products which use 70-80% less energy.
11. Insulate.  Insulate your home, attic, windows and door to save money on heating and cooling.
12. Solar window film. Switch your plastic window film to solar window film to help keep you home cooler by reducing utility costs.  The film prevents the sun’s rays from entering your home and reduces the need for air conditioning.  This is most effective in areas where the temperatures don’t get too cold. 
13. Recharge batteries. Buy rechargeable batteries to charge your electronic devices, toys, games and more.  The electricity you use to recharge a battery is much cheaper than buying a 4 or 8 pack of batteries.
14. Re-manufactured Supplies.  Buy re-manufactured supplies such as printer ink and toner cartridges from Office Depot which can cost up to 15% less.

Green Tax Tips for 2010

It's Tax Season. That dreaded time of year when you have to look through all of your receipts and try to piece together your spending for the year to file your taxes and hope you get a refund. In addition to the tax credits and usual tax benefits, you can also get tax credits for going green. Going green can qualify you for federal tax deductions for individuals as well as businesses.

Businesses that make changes in their appliances and products can get federal tax credits including those that recycle, buy recycling equipment, or use recycled materials. These can include items such solar water heaters which could qualify for a tax credit of 30 percent of the cost of the appliance.

Many state taxing authorities offer tax deductions and tax credits for going green to individuals. New legislation allows employers to give employees up to $20 a month for riding a bike to work. Employers can reimburse up to $230 per month of an employee’s public transportation expenses.

Solar homeowners and businesses can get tax credits for installing solar panels and solar powered water heaters. Solar water heaters may qualify for a tax credit of up to 30% of the purchase price. Improvements to a taxpayer's primary residence must be made before January 1, 2011. Here are 5 tax tips to go green.

1. Residential Energy Efficient Property Credit. This tax credit qualifies residential energy appliances such as solar hot water heaters, solar electricity equipment, geothermal heat pumps and wind turbines installed in or on the home and ends in 2016. The credit is 30% of the cost of home.

2. Plug-in Electric Vehicle Credit. This tax credit is for two types of plug-in vehicles: two- or three-wheeled vehicles or certain low-speed electric vehicles. The credit is 10% of the cost of the vehicle, up to a maximum credit of $2,500 for purchases made after February 17, 2009, and before January 1, 2012.

3. Residential Energy Property Credit. This tax credit is for homeowners who make energy efficient improvements to their existing homes. The credit is 30 percent of the cost of all improvements. The credit applies to improvements such as energy efficient windows, insulation, heat pumps and energy-efficient heating and air conditioning. The maximum credit is $1,500 for improvements placed in service in 2010.

4. Credit for Car Conversion Kits. This credit is for car owners who convert a vehicle to a qualified plug-in electric vehicle. This credit is 10% of the cost of converting a vehicle that is placed in service after Feb. 17, 2009. The maximum credit is $4,000 and ends in 2011.

5. Treatment of Alternative Motor Vehicle Credit. This credit allows the Alternative Motor Vehicle Credit, including the tax credit for purchasing hybrid vehicles, to be applied against the Alternative Minimum Tax (AMT).

To claim the green tax credit you must file out Form 5695, Residential Energy Credits. Manufacturers must certify that their products meet the green standards and they must provide a written statement to the taxpayer in the product packaging or on the manufacturers’ website.