Going green has never been more favorable. A lot of individuals with the intent of switching over to a green lifestyle will be delighted to know that governments around the world are welcoming such choices. These governments have opted to reward individuals with everything from cash prizes to tax incentives for their eco-friendly choices. Here are 8 such ways in which the government will pay you for going green.
- Tax incentives for hybrid/electric cars
Although hybrid and electric vehicles are significantly higher in cost when compared to regular automobiles, they can earn you a lucrative tax incentive from the government. The Federal government in particular offers a tax break of at least $7500 for individuals who want to purchase hybrid or electric vehicles.
- Cash reward for burning biomass
A lot of homeowners use electric heat pumps and oil burners to heat up indoor air during winters. However, they can now opt to use burn biomass and expect to get rewarded for the same as well. A biomass stove can earn an individual a federal tax credit of $300, with some areas providing additional credits of at least up to $700.
- Credits for using alternative energy
Rather than fossil fuels, one can opt to electrify his/her home with alternative sources of energy. The federal government has also recognized this possibility and has chosen to award a tax credit of up to 30% to anyone who opts to generate electricity for their homes via solar panels, wind turbines and even geothermal heat pumps. The tax credit will go into the installation and maintenance of these systems.
- Cash rewards for doors, windows and skylights
Homeowners will be delighted to know that adding more EnergyStar windows, doors and skylights to their home will earn them more cash rewards from the government. For instance, every window, door or skylight that exceeds EnergyStar requirements can earn homeowners tax credits of at least $500. Such credits are also awarded for roof insulations.
- Cash credits on energy efficient appliances
Many areas offer tax credits for the purchase of energy efficient appliances. Any appliance that comes with an EnergyStar rating can help homeowners earn lucrative cash back rewards in these localities.
- Cash rewards for reclaimed water
Many states have announced cash rewards for homeowners who choose to use reclaimed water in their homes. These homeowners can get tax credits for the installation of equipment which will help them use reclaimed greywater in their homes. This greywater is wastewater that can be reclaimed to be used for non-potable purposes like crop irrigation and toilet flushes, etc.
- Cash for home energy audits
Here’s a nice one. Many local and state governments have announced plans of rewarding homeowners with cash for inspecting their homes and arranging an energy audit. Homeowners need not pay money for these audits which will have government officials inspecting the house and its current energy usage. The government will also offer suitable recommendations for homeowners on how to reduce energy usage in their homes while offering up to at least $100 for the audit itself.
- Subsidies for public transit
Several state governments have started offering subsidies to those who opt to travel to their offices in public transit. Employers offer pre-tax benefits for the purpose thus allowing employees to enjoy a reduction in their taxable income by at least $300 every month. Some governments also offer cash out benefits for employees who wish to use the same for their parking benefits in case they walk, bike or use public transit to work.
Several governments have started offering interesting rewards for individuals choosing to go green. These governments hope to encourage such individuals by offering everything from tax benefits and breaks to cash awards and credits.