A reminder that there is a 30% upto $1500 Federal Tax Credit on Qualifying Furnaces and Boilers. If you have been thinking about replacing these items, you might as well upgrade now and save some money. Furnaces 15 years old or older can be replaced with much more efficient units. New models with electric ignition are the most efficient models.

Natural Gas or Propane Furnaces must have Annual Fuel Utilization Efficiency or
AFUE >= 95% to qualify for the tax credit. Oil Furnaces and as, Propane, or Oil Hot Water Boiler must have AFUE >= 90%. Not all ENERGY STAR products will qualify for the tax credit.

Gas fired furnace list. Here is a list of qualifying oil furnaces and oil boilers. Also consider installing radiant floor heating instead of using a furnace.

Energy Star has a store location finder to help you find local dealers.

This credit reduces the amount of tax you owe for 2009. The credit is a reduction of total income tax at the bottom of your return, up to $1500. This tax credit is a non-refundable tax credit. Consult your tax adviser for details. Use it or lose it! Credit details.

Products must have been purchased between January 1, 2009 and December 31, 2010.  Solar water heater purchases are covered through 2016.

The tax credit is an aggregate, i.e., the total $1500 can include other energy efficient items. For instance, if a consumer claims $900 on a qualifying item, then they will have the remaining $600 rebate available for purchases of additional energy saving products in the same tax year.

$1500 seems like the total credit for both 2009 and 2010 combined. Beware that those affected by the Alternative Minimum Tax (AMT) in 2010 may not qualify for the rebate unless Congress passes an AMT patch.

Double dip: Many local utilities provide financial incentives for purchasing ENERGY STAR qualified items. To find out if rebates or other incentives are available in your area, visit the ENERGY STAR Rebate Finder.

A reminder that there is a 30% upto $1500 Federal Tax Credit on Qualifying Gas, Oil, Propane Water Heaters as well as Electric Heat Pump Water Heater and Solar Water Heaters through 12/31/2010. If your water heater is on its last legs, you might as well upgrade now and save some money. New water heaters require less energy and time to heat water. Reduce waiting time between showers and doing laundry.

Gas, Oil, Propane Water Heaters must have Energy Factor >= 0.82 or a thermal efficiency of at least 90%.  Newer Hybrid water heaters are also available.

Consider an on demand Tankless Water Heater if your situation allows for it.  They need ready access to a good size gas pipe and exhaust vent for many models.

Electric Heat Pump Water Heater requirements are the same as ENERGY STAR: Energy Factor >= 2.0.

Solar Water Heaters are covered if at least half of the energy generated comes from the sun and the system is certified by the Solar Rating and Certification Corporation (SRCC).

AO Smith makes the Vertex 100 water heater that is very efficient but requires PVC pipe venting not normal metal venting. Also consider installing radiant floor heating instead of using a gas furnace as these newer water heaters support radiant heating.

This credit reduces the amount of tax you owe for 2009. The credit is a reduction of total income tax at the bottom of your return, up to $1500. This tax credit is a non-refundable tax credit. Consult your tax adviser for details. Use it or lose it!

Products must have been purchased between January 1, 2009 and December 31, 2010.  Solar water heater purchases are covered through 2016.

The tax credit is an aggregate, i.e., the total $1500 can include other energy efficient items. For instance, if a consumer claims $900 on a new stove, then he will have $600 to purchase additional energy saving products in the same tax year.

If a taxpayer uses the entire $1500 tax credit on a competing product then they cannot use it for a biomass stove in that same tax year.

$1500 seems like the total credit for both 2009 and 2010 combined. Beware that those affected by the Alternative Minimum Tax (AMT) in 2010 may not qualify for the rebate unless Congress passes an AMT patch.

Double dip! Local utilities like PGE have their own rebates for Energy Efficient Appliances purchased in 2009.  PGE has a $30 rebate for energy efficient water heaters. Gas water heaters with Energy Factor 0.62 or greater or Electric ones with Energy  Factor 0.93 or greater.

Note: It is difficult to find larger sized water heaters with Energy Factor’s this high.

Be sure to check out our reduce water heater use, water saving tips and ways to save energy.

Source: CNNMoney.com

CNNMoney.com has a nice analysis of how fast a hybrid pays off. They compared a buying a new $24,548 Toyota Prius Hybrid vs a conventional $19,635 Toyota Camry.

You can see that it takes 4.5 years to break even with gas at $4, 6 years at $3. Some hard numbers that should help prevent you from paying a crazy markup for any hot new green hybrid or electric vehicle.

Kiplinger’s has a Green Car Calculator that compares two cars costs and 5 year overall costs.

Remember that it takes a LOT of energy to build a car, so it may be more eco to keep what you have or buy a used fuel efficient vehicle. A hybrid still emits about 20 pounds of carbon with each gallon of gas you burn up.

Check out our hybrid driving tips.

We recently had an article on organic mattresses. I heard a commercial on the radio touting Serta’s Organic Mattress and decided to look into it.

Serta is one of the big 3 mattress suppliers.  They have several Serta Organic Mattresses; Vera Wang by Serta Vera Bloom Euro Top mattress and a Serta Perfect Balance Organic Crib and Toddler Bed Mattress.

Again the term organic is unregulated when referencing mattresses, so any mattress can be called organic. Serta use organic cotton layers, which is a plus. The mattress’s Vinyl cover is made without Phthalates, which is also good.  The Vera Wang one does not mention much except using organic cotton layers.

The other mattresses we looked at before seem much more green.

Edmunds.com has a new Gas-Guzzler Trade-In Calculator that helps you figure out the pay back period and fuel saving associated with trading in a vehicle for a new more fuel efficient one.

“A common example demonstrates the potential pitfalls of ditching that SUV: A consumer trades in a four-year old GMC Yukon, worth $13,483, for a new $21,647 Toyota Prius. The difference is $8,164. If the consumer drives 1,200 miles per month and gas costs $4.07 per gallon (national average), the monthly fuel savings will be $201.34. While this may seem attractive, it will take 41 months to pay back the additional cost of the Prius over the trade-in value of the Yukon.”

Considering a Prius would probably cost more than $21,647, the pay back time is even longer especially if gas prices fall. Consider regular high mileage compacts such as the Honda Fit.

Also consider a recent (2 or 3 year old) vintage fuel efficient preowned car.  The biggest cost in owning a car is depreciation at almost 50%, followed by fuel costs at near 20%.