how the first time homebuyer tax credit works

Under the new housing bill, home buyers who have not owned a home in the last three years will be eligible for a tax credit equal to 10 percent of the property up to a maximum of $7,500. Here’s how it works:

The credit is $3,750 for married couples filing separately. Unmarried people who jointly purchase a home will be able to divide the $7,500 credit.

This program is actually a loan, which home buyers must repay over 15 years at zero percent interest beginning in the second year after they purchase the home. A home buyer who qualified for the whole credit would pay $500 for 15 years or about $41.67 per month.

The credit applies only to homes purchased on or after April 9, 2008, and before July 1, 2009.

High-income home buyers don’t qualify: Eligibility begins phasing out for single filers with adjusted income of more than $75,000 and $150,000 for joint filers. It completely phases out at $95,000 for singles and $170,000 for married couples filing jointly.

Source: Realtor Magazine, August 4, 2008

what is hazardous and how do we recycle it? let's keep America beautiful!

The Environmental Protection Agency (EPA) estimates that Americans generate approximately 1.6 million tons of hazardous waste each year. The EPA groups all waste into categories then places items on lists based on the ignitability, corrosivity, reactivity and toxicity of each material. Most people suspect that gasoline, pesticides and herbicides make the list, but what about motor oil? Thermostats? Car batteries? Old prescriptions from the medicine cabinet? The EPA website Household Recycling pages provide lots of disposal information and relevant links. Go to http://www.epa.gov/Region4/recycle/householdrecycling.htm

A good, user-friendly place to start is http://earth911.org/. At the top of their homepage is a banner to enter what type of trash homeowners/buyers have (or just type “household hazardous waste”), along with their ZIP code or City, State. Press GO and a list appears of all HHW disposal sites within 25 miles of that area.

how many miles to the gallon does that home get?

The Ft Worth Star Telegram had an interesting article a couple of weeks ago related to a miles per gallon rating for homes. There are a number of interesting variables to consider when deciding WHERE to rent, buy, or build your next home. Here's the link:

http://www.star-telegram.com/118/story/816523.html

have I mentioned energy-efficient windows?

An energy-efficient home is truly a "system". One of the components of this system is energy-efficient windows. If you're planning to add or replace windows you may find the labels to be a bit confusing.

The NFRC label (National Fenestration Rating Council) appears on ENERGYStar rated products and allows for reliable comparisons. Energy Star requirements for windows vary by climate zone and are based only on the U-Factor and Solar Heat Gain Coefficient (SHGC).

U-Factor measures the window’s rate of heat loss. In Texas, ENERGY Star requires a U-Factor ≤ .40.

Solar Heat Gain Co-efficient (SHGC) measures how well a product blocks heat caused by sunlight. In Texas, the ENERGY Star requirement is ≤ .40.

Visible Transmittance (VT) measures how much light comes through the window in the range between 0 and 1. To maximize daylight and view, select windows with a higher VT. ENERGY Star has no required VT rating.

Air Leakage (AL) rating is expressed as cubic ft of air passing through a square foot of window area. The lower the AL, the less air will pass through cracks in the window assembly. Windows ≤ .30 or less are recommended. ENERGY Star has no required rating.

Condensation Resistance is scored on a scale of 0 to 100. The higher the resistance factor, the less condensation build-up the window allows. Again, there is no ENERGY Star requirement.

Here are a couple of links if you want to do more research:

http://www.efficientwindows.org/factsheets/Texas.pdf

http://www.ecobroker.com/misc/articleview.aspx?ArticleID=2

an environmentally-friendly fireplace

In July I participated in the EcoBroker International Green Real Estate Conference in Denver, Colorado. Eco-Flame fireplaces were getting alot of attention from the attendees. The EcoSmart Fire burns clean and is fueled by denatured alcohol instead of wood. This totally new concept developed in Australia is an open fireplace which does not require a chimney. It was amazing how effectively this fireplace projected the heat! Here's the link if you're interested in finding out more:

http://www.ecoflameco.com/

what's the plan?

There's been alot of news coverage about the Pickens Plan for the development of alternative energy. Click here to find out more.....



View my page on PickensPlan

home energy audits

Today's Dallas Morning News Business Section referred to the increasing demand for Home Energy Audits. Here's the link to the article, followed by excerpts from my article related to Home Energy Audits published in April 08 edition of The Dallas Peace Times.

http://www.dallasnews.com/sharedcontent/dws/bus/industries/energy/stories/080608dnbusefficiency.40f4d3e.html

..."Contrary to the way it may sometimes feel, individual homeowners are empowered to reduce energy usage, save money, and make a viable contribution to the greening of our planet at the grass roots level. But where do we start?

Taking steps to save money on monthly utility bills can lead to improving your home’s marketability. A Home Energy Audit is a step in the right direction! A home energy audit will:

* locate and quantify energy waste and comfort issues in your home,
* propose and prioritize reasonable, affordable solutions,
* provide an evaluation of the proposed alternatives, and
* calculate your payback timeframes and return on investment.

Residential Energy Services Network (RESNET) is a not for profit corporation recognized by the U.S. Department of Energy. It is a national standards-making body for building energy efficiency rating systems. Find a certified energy auditor through the RESNET website at

http://www.natresnet.org/directory/raters.aspx

A reputable certified energy auditor will provide documentation every step of the way. Your energy audit will establish a benchmark by considering the current condition of your home and utilizing your recent utility bills. Your home energy audit will also show how your home stacks up against the Energy Star requirements before you make any improvements - vs - how it can be expected to stack up after the completion of the improvements. The report should include a priority list to quantify which improvements or repairs will have the greatest impact and attach a price-tag to each improvement individually....

The inspection will allow you to obtain maximum efficiency relative to your budget. You’ll be able to make an informed decision once you know the cost and the effectiveness of each of the recommended improvements. The payback calculation will give you a reliable estimate of the timeframe for you to recover your costs and begin to achieve a positive return on your investment.

Ask your energy auditor if they will apply the cost of the audit toward future repairs or improvements if you decide to hire them to do the work.

A home energy rating is now a recognized tool in the mortgage industry. Energy mortgages are available which credit a home’s energy efficiency in the home loan. Lenders are increasingly using energy mortgages to make homes more affordable and poising their companies to capture this new market trend. There are two types of energy mortgages:
Energy Improvement Mortgages finance the energy upgrades of an existing home in the mortgage loan using monthly energy savings.

Energy Efficient Mortgages use the energy savings from a new energy efficient home to increase the home buying power of consumers and capitalizes the energy savings in the appraisal. The RESNET website includes additional information about energy loans. Find out more at

http://www.resnet.us/ratings/mortgages/

What about tax breaks? Congress passed and President Bush signed legislation that extends the tax incentives related to increasing your home’s energy efficiency. Learn more at

http://www.natresnet.org/taxcredits/

To summarize, a home energy audit will give you the edge when choosing the green features most important to you and your family...."

energy-efficient cars

Last week my friend, Tully, let me test drive his SMART car. What a surprise to learn how large the interior of the car feels - and there's plenty of room for luggage or groceries behind the seats! Did you know you can reserve a SMART car for only $99?

There is alot of interest brewing in energy-efficient cars. A Dallas man is opening Dallas' first business devoted exclusively to selling all-electric vehicles. It includes a comparison of 3 all-electric vehicles: the GEM, the ZENN, and the EGA-2. Check out the links:

http://www.kvue.com/projectgreen/greenarticles/stories/073008kvueelectriccars-cb.19255139.html

http://www.gemcar.com/

http://www.zenncars.com/

http://www.smartusa.com/