Save Money on Home Heating
Types of Incentives
Exemptions, deductions, credits, rebates and vouchers, and other financial incentives may be provided by state, federal and local governments or other interested parties. These incentives vary widely by program, but each work to lower the price of a new hearth product and are an important catalyst for homeowner investment.
Point of Purchase Incentives
- Rebates save a consumer money directly and are more valuable for consumers who aren’t able to wait until tax season.
- Vouchers, like rebates, work quickly and usually are treated as a cash equivalent at the time of purchase and are later redeemed by the retailer at the issuing office.
There are four types of tax incentives at the state––and federal––levels.
- Tax credits reduce the amount of taxes owed dollar for dollar.
- Tax exemptions are worth a set dollar amount and are subtracted from taxable income.
- Tax deductions are subtracted from taxable income as an expense, but only if you itemize your deductions.
- Property taxes can sometimes hold abatements or credits that can be applied toward the value of renewable energy systems, such as an EPA-certified woodstove.
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