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Nov 20

5 Financial Options to Help Your Eco Renovations

Eco-friendly renovations provide significant benefits to homeowners, but they can be expensive. Splurging and paying all of this money out of pocket probably isn’t something you’re eager to do. Instead, why not explore the financial options that are available for an eco-friendly renovation? When it comes to solar panels, wind turbines, insulation, windows, and green roofs, there are a lot of ways that you can reduce costs. Going “green” and doing something good for the environment is an excellent investment and it can even reduce your energy bill. Below, you will find 5 financial options that can drastically reduce the amount of money your renovations will cost.

Government grants

The government is very willing to provide grants for homeowners that are interesting in investing in green energy. While you may be paying more in taxes because of the government’s spending habits, it’s beneficial to you when you’re actually going to use one of their grant programs. Green energy is the way of the future and their grants help push eco-friendly renovations further along. Before you begin a new Eco renovation, be sure to explore the government grants that are available in your state. There are even nationwide grants that are offered by the federal government.

Tax Write Offs

If you don’t qualify for an eco-friendly grant, then you may want to look into the tax write offs that are available to you. Green energy is a worthwhile investment and the government sees it that way too. If you’re willing to invest in an eco-friendly renovation, you can save money by writing off the expenses on your taxes. This can substantially reduce the amount of money that you pay come tax time. If your employer automatically deducts taxes for you, then you’re likely to get a large check paid back to you by the IRS after writing off your green energy investments.

Partner with your neighbor

Do you have a neighbor that is located directly beside or behind you? Eco-friendly renovations are much cheaper when you cut the price in half. Rather than funding the entire project on your own, why not bring your neighbor into the project as well? Investments in solar panels and wind turbines have a better payoff when you can purchase larger and higher quality products. The more funding you have, the better the equipment you can buy. Not every neighbor is going to love the idea, but if you can just find one who does, you could both save a significant amount of money on energy costs.

Use renewable energy savings to fund further investments

When it comes to eco-friendly renovations, why not start small and use your savings to scale up? When you first invest in products like solar panels and wind turbines, just get one or two until you have more funding. The amount of money you will save month-to-month on your electric bill will give you more money to invest. From there, you can purchase better equipment and finally put the finishing touches on your eco-friendly renovation.

Invest in DIY eco-friendly products

Solar panels and wind turbines can be really expensive. If you want to cut costs, you can purchase DIY packages that let you build them yourself. Solar panels are actually quite simple to construct on your own. All that you need is a frame, solar cells, and a clear sheet to cover the top but still allow sunlight in. If you are a handyman and you are up for the challenge, find a wholesale package of solar cells and begin constructing the frames. Websites like Amazon have solar cells available with affordable pricing.

Author Bio: Chuck Madison works for Online Payday Loans.net website that provides financial articles and information.

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