There is a new tax credit, (as distinguished from a deduction. and significantly more valuable,) available for any qualifying energy expenditure you make on your home. This credit is applicable to expenditures for insulation, windows or any energy efficient heating and/or air conditioning system spent during the period from January 1, 2006 through December 31, 2007.
There are of course limits on the amount that you can spend that are eligible for the energy credit, but it is something worth considering. Furthermore, there continues to be a credit for hybrid cars that is likewise worthy of consideration - particularly having seen the rapid increase in gasoline prices this past year.
By: Bruce M. Fogel, Esquire
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