Money saving energy tax credits due to expire by year end

Image via WikipediaWe are only a few months away from the end of the year and money saving tax credits are soon expiring. These tax credits for energy-saving new windows, air conditioning, doors, water heaters, and insulation will soon end. Local contractors are seeing a last minute rush to get the upgrades done.

The reason your power bill will shrink. A new air conditioner is typically 30% more efficient than a 10-year-old model, and insulation can reduce air leakage by 20% to 30%. Adding insulation, replacing duct work, getting a central air cooling system and replacing water heaters — are the most cost-effective home improvements.

New windows can save homeowners up to $500 on energy costs a year while a new water heater will pay itself off in five years — not counting the tax breaks—according to calculations by the U.S. Environmental Protection Agency, Energy Star and home-improvement retailer Home Depot.

Insulating your home can save you about $220 a year and you could recoup your costs after 2.5 years.

Some of the energy-saving home improvements that are part of the tax-credit program are easy to do yourself, while other projects require professional installation.

Make sure your purchases qualify for the tax breaks, as not all Energy Star appliances are covered under the tax-credit program. Energy Star is a joint program of the U.S. Environmental Protection Agency and the Department of Energy that promotes energy efficiency.

And keep receipts for tax purposes. Keep the receipts for several years in case you get audited.

There are many Federal tax credits available for homeowners and business. Here is only a partial list.

Insulation

Credit: 10 percent of the cost, not including labor, up to $500

Requirements: Bulk insulation products such as batts, rolls and blow-in fibers may qualify.

Savings: Homeowners can save up to 10 percent on their total annual energy bill by sealing and insulating a home's outer walls, ceiling, windows, doors and floors.

Reflective metal and asphalt roofs

Credit: 10 percent of the cost, not including labor, up to $500

Requirements: Metal roofs with appropriate pigmented coatings and asphalt roofs with appropriate cooling granules and they also must meet ENERGY STAR requirements.

Savings: Homeowners could save about $200 with a highly reflective roof.

Windows, skylights and doors

Credit: 10 percent of the cost, not including labor, up to $500. Windows are capped at $200.

Requirements: Must be ENERGY STAR qualified.

Savings: Windows, for instance, can reduce energy bills by 7 percent to 24 percent.

Gas, oil, propane and electric heat pump water heaters

Credit: $300

Requirements: Gas, oil and propane water heaters must have a thermal efficiency of at least 90 percent or have an energy factor of at least 0.82. Electric heat pump water waters must have an energy factor of at least 2.

Savings: It could take an estimated five years or more to recoup costs for the upgrade, according to JEA, a municipal utility in Jacksonville.

HVAC systems

Credit: $300 for central air conditioning.

Requirements: A Seasonal Energy Efficiency Ratio of at least 16 for split systems and at least 14 for package systems or an Energy Efficiency Ratio of at least 13 for split systems and at least 12 for package systems.

Savings: One way to calculate savings is to use the AC rebate and calculator link at FPL.com/programs.

Credit: $50 for efficient fans or blower motors.

Requirements: Must use 2 percent or less of the furnace's total energy.

Credit: $150 for natural gas or propane furnace or a gas, propane, or oil hot water boiler

Requirements: An Annual Fuel Utilization Efficiency of at least 95.

Credit: $500 for air source heat pumps

Requirements: The energy efficiency rating varies depending on whether it's a split or package system.

Savings: An estimated $30 a year can be saved.

Other rebates and credits

There are plenty of other options for homeowners who want to cash in on tax credits and rebates and save money on their electricity bills. They include:

Federal loans of up to $25,000 for single-family homeowners who want to make energy-efficient improvements;

Federal tax credits covering 30 percent of the cost of geothermal heat pumps, and solar and wind energy systems;

Money for insulation and other energy-saving upgrades through low-income weatherization programs that is available by contacting community action agencies within county governments; and

Rebates for energy-efficiency improvements available through some cities and counties.
Check out the Database of State Incentives for Renewables & Efficiency for your state specific rebates and credits.http://www.dsireusa.org/

 Also the U.S. Department of Energy for a complete list of federal tax credits and incentives.    http://www.energysavers.gov/financial/70010.html

How To Move Your Checking Account In 7 Easy Steps

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There is a lot of anger out there between banks and their customers these days. The announcement of increased ATM fees has put the public on the war path. People want to move their accounts to a bank that has free checking and no fees. It's going to be hard to find such a thing from now on.

Over the last few years the banking industry has just continued to keep the general public angry at them. These new fees and signs of even more fees is driving an even bigger wedge between the two. What other industry continues to work so hard to maintain such a low opinion of themselves.

Related Post Your Bank Fees Are Increasing - Here's Why

Over this last year and increasing the last two months credit unions have seen a 300 percent rise in new accounts being opened. People are leaving Bank of America and other banks also.

If your thinking about moving to another bank, double check with your present bank if you can change to an account that will not have any fees. Don't be in a hurry. Do your research into the new institution first.

Some resources that might prove helpful when looking for another bank include MyBankTracker.com, Bankrate.com, FindABetterBank.com and FindACreditUnion.com.

Moving Your Money to a New Checking Account. Steps to Make it Safe and Easy

1.Open your new bank account with a small deposit.

Why? Once you choose a bank or credit union, make sure to open a new account before taking any steps to close your old account. Deposit just enough to open the account and avoid any fees the bank may charge for maintaining a low balance.

2. Make a list of all the automatic payments and deposits that are scheduled to go in and out of your old account each month. See the chart below as an example.

Why? This is to help you organize and keep track of all of the automatic transfers that are tied to your old account, so that you can make sure there is enough money in the old account for all your payments to clear during the process of moving your money to your new account.

3. If you have direct deposit, ask your employer to reroute your paychecks to your new account. Ask what date the first deposit will occur and use this date to guide you through Step 4.

Why? Sometimes it can take more than one pay cycle to complete the rerouting. If so, you should make sure that your automatic payments are not transferred to the new account until your paycheck is transferred.

4. Once you know what date your direct deposits will transfer, reschedule each automatic payment or debit to come out of your new account. Make sure to ask the company what date the change will apply.

Why? Sometimes it could take one whole statement period to reflect the change. If
this is the case, make sure you leave enough money in the old account to
cover the payment when it occurs.

Image by RambergMediaImages via Flickr

5.Leave at least a small amount of cash in your old checking account for at least one more month.

Why? This will ensure that every payment will be covered if you happen to forget about something. The amount you leave may depend on whether your old bank or credit union charges you a fee for maintaining a low balance. If so, try to leave the required amount to avoid a charge.

6. Once you are sure that all automatic payments and all direct deposits are coming and going from your new account, electronically transfer the final funds from your old account into the new account.

Why? Though it may take a few days before an electronic transfer clears, transferring money electronically is generally the fastest, cheapest, and safest way to move money from one account to another.

7. Once the transfer clears in your new account, follow the procedures for closing an account at your old financial institution. Make sure to obtain written confirmation that your account is closed.

Why? Your account does not automatically close when you withdraw all of the money; you must follow the process laid out by your financial institution to make sure you close the account properly. By obtaining written confirmation that your account is closed, you can rest easy that you’ve taken the appropriate steps. If you don’t close the account, you might get hit with a monthly account maintenance fee even after you stop using it.

Why Is Over 50’s Life Insurance Different?

Image by Thomas Hawk via FlickrIn some respects, over 50’s life insurance isn’t much different from other forms of life cover – it exists to offer you and your family a degree of financial protection should the worst happen.


Yet in other respects it may be – and those differences relate to the typical nature of people’s lives, as they get older:

• If you are in your younger years, perhaps with a young family and a heavy debt burden (mortgage etc), then you may typically be looking for a different profile of life cover than someone who is older and with perhaps less extensive long-term financial commitments;
• By contrast, if you are over 50, you may incline towards a form of policy that you know is open-ended, in other words, it will pay out a fixed sum upon your death, at whatever age you die;
• Someone younger and with a larger debt profile to cover, may require a larger sum insured but one which is only in effect for a number of years (called the term of a policy and something that may typically be seen running in parallel with a mortgage);
• Over 50’s life insurance that is unconstrained by a term, is sometimes referred to as whole life cover or traditionally, life assurance, as assurance is against something that you know will happen eventually whereas insurance is cover for something that may happen in the future;
• Nobody can really decide what form of over 50’s life insurance would be suitable for you – only you can decide that having carefully reviewed your financial position and that of those you care for, however, it may be prudent to keep in mind just how expensive things such as funerals may prove to be;
• Unfortunately, death isn't the only thing that you may need to worry about – if you are still responsible for supporting your family through income earning, then something such as critical illness may deprive you of the ability to continue working, so it might be sensible to consider loss of income cover insurance at the same time;
• In our modern society, increasing numbers of people are living and working longer and that is something that implies that they may have longer-term financial commitments than was the case for the over 50’s of previous generations - that may be another reason why it may be sensible to look further at your options for over 50’s life insurance.

5 Reasons Reading Books Is Important To Your Well Being

Image by Earl - What I Saw 2.0 via FlickrWhen I was a kid reading books was more important. Through the many years of education reading books and writing a book report was as common as peanut butter sandwiches for lunch. With all this reading I grew to love books. I was a scifi geek so i devoured many books in that genre. But as the years pass and life happened, I lost my love for books. I tried along the many years to start again. But every time I started to read, the book would put me to sleep. I finally solved this problem, but you'll have to wait till the end of the post to find out.

I believe in reading so much, the benefits are many and I could probably come up with many more but I have only included in this post just a few of my favorites.

1. Reading keeps your mind thinking. You have to use your mind and the best way to do it is by putting something in it that will stimulate it. Reading about a subject you would like to explore further is a good way. It's not like watching TV. With TV, all the work is done for you. You don't have to use your mind. With books you have to work. 
2. Reading builds your concentration. Reading a book forces you to concentrate. A good book grabs you and takes you down a path that exercises your brain to keep up. 
3. Reading helps you learn new things. When you read articles on line, like this article, you get a little snippet of a particular subject. It's a little taste of what reading a book is like. Your natural curiosity kicks in and you become enveloped in a much larger more involved treatment of that subject. Thus giving you a broader and deeper explanation of the subject.
4. Reading gives you a new perspective. It's a lot like going to school about a particular subject. A book makes you an explorer of a new world that opens up to you page by page.
5. Reading gives you purpose and direction. Just pick up a self help book on something you need direction on. You now have a one on one relationship with that author who is giving everything they know, only to you. If your open and it makes sense to you, your whole outlook may improve. A book could just push you in a direction you need to go.

Since I have started reading again, I have found reading a paper book just puts me to sleep.  My eyes get tired and before you know it, asleep. I have tried reading them on the computer screen but again, eyestrain happens. 

By chance I stumbled upon an audio book company called Audible. They have all the latest books and many other great books. With over 100,000 books on their website you should find something you like. With Audible you can have the entire unabridged book read to you. For me, it's a blessing to go through a book on the way to work, before bed, or whenever I am on the road. 

As an example, I always wanted to read Tim Ferriss' book "The 4-Hour Workweek". I have the pdf that he gave away for free when he debuted his new book. It's been on my computer for almost a year and I never read it. I got it from Audible on sale for $4.95 last month and I am almost done with it. I enjoyed it so much and learned a lot. It gave me a new perspective and something new to think about.

Reading is important and if your like me and picking up a book doesn't work for you why not try Audible. You get a free book, any book, on a 14 day trial period. Listen for 14 days, if you don't like it cancel the account and keep the book at no charge. But I bet once you get hooked you'll see how great it is and keep on the program.

Just click the banner below to get started.  

Your Bank Fees Are Increasing - Here's Why

Image via WikipediaIt’s time to add free checking to the endangered species list. No-cost access to your own money may soon go the way of the passenger pigeon. But this extinction can’t be blamed on global climate change or habitat loss. Blame the shaky status of free checking on regulatory climate change and profit loss for banks.

Recently enacted federal banking regulations restrict previously profitable practices by banks such as big overdraft fees and jacking up credit card interest rates for customers who are late on a payment. And earlier this summer, efforts by the banking industry to block a cap on debit card swipe fees failed. The fees banks charge grocery stores, restaurants, big box stores and other businesses every time they swipe a customer’s debit card will drop from about 45 cents a swipe to 12 cent swipes. That change, set to go into effect on Oct. 1, adds up to a loss of revenue of billions of dollars for the nation’s banks.

The Banks’ Loss Is Your Loss. 

The banks need to make up that loss of revenue somewhere and many banks have plans to recover it up by hitting you with new fees: checking account maintenance fees, ATM fees, debit card use fees.

Fight Back!

With a little due diligence, you can keep money in the bank without paying money to the bank. Most bank customers — 71 percent — find ways to avoid paying any bank fees, according to a survey by the American Bankers Association (ABA) released Sept. 1. The survey also shows that 82 percent of consumers spend $3 or less in monthly bank fees for services such as checking account maintenance and ATM access.

"It's impressive that so many customers avoid paying any bank fees," said Nessa Feddis, ABA vice president. "It shows that consumers are savvy and able to navigate the new banking landscape with skill. Often, avoiding bank fees can be as simple as maintaining a minimum balance or accepting a paycheck by direct deposit.”

But … the annual survey of 2,000 adults was conducted in mid-August. Many of the new fees announced by some big banks don’t kick in until fall. For example, SunTrust, a major player in the South, will begin imposing $5-a-month charge for debit card use in November. Regions Bank will impose a $4-a-month fee for debit-card use starting Oct. 1. Wells Fargo — a large national bank — will begin charging a monthly $3 fee for debit cards in October for purchases in Georgia, New Mexico, Nevada, Oregon and Washington.

More Fees Coming

Banks have an assortment of other tactics to get some of your money — charging for a paper monthly statement or receiving a wire transfer. Another example, Bank of America charges a $3 fee if you make more than three transfers a month from your savings account to your checking account. It pays to read the fine print when opening your checking account and asking questions about fees.

What To Do

Getting a deal on bank fees — like finding a deal at the mall — requires a bit of legwork. Online banks still offer free checking and if virtual banking fits you, that is an option. Moving your account to a credit union is another option. Credit unions are nonprofit and typically offer better deals on checking accounts, consumer loans and interest rates on deposits. 

Some resources that might prove helpful when looking for another bank include MyBankTracker.com, Bankrate.com, FindABetterBank.com and FindACreditUnion.com.

You may also avoid bank fees by giving your present bank more business. Many banks offer better deals to customers who maintain a higher checking account and/or savings account balance. You may also get the bank to waive fees if you have an automobile loan or home mortgage at the bank.

Should I buy the iphone 4S or wait till next year for the iphone 5

Image by Witer via FlickrThe iPhone 4S came out on Friday are you going buy one? Already millions have been sold. The market for Apple products seems unlimited. But is it really smart to keep buying a new iPhone every year.

Some people with older iPhones have been waiting for this new release to upgrade. If you have the original iPhone or the 3g or 3gs it makes sense to upgrade. Your phone is at least 2 years old and probably starting to slow down. Apple upgrades its OS fairly regularly and the upgraded software is getting more advanced and is having a problem running on the older hardware. This planned obsolescence forces you to upgrade just to get a phone that runs correctly.

Should I upgrade if I have an iPhone 4?

The iPhone 4 is almost identical in looks and function. The only difference is that it has the new voice recognition software and a better camera. If you have an iPhone 4, the benefits of the new phone aren't reason enough to upgrade. The new iPhone is really aimed at the people who have an iPhone 3 or 3G. They need to upgrade. Still have iPhone envy, according to Apple's track record, The new iPhone 5 should be released next summer.

I want a new iPhone but I am short of money.

If you are short of cash and still want to own an iPhone, AT&T is selling the iPhone 4 for $99 with a two year contract. Want it even cheaper, the iPhone 3gs is free with a new two year contract.