***Going Green Can Save Big Green

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by: A.T. "Al" Benelli, CFP, FIC

“Going green” gets plenty of environmental attention, but people often forget that environmentally smart behavior can save money as well. Help celebrate Earth Day (April 22) by doing a “green check” of how to make both energy- and money- smart plans for your home and lifestyle going forward.

Here are some ideas from the Financial Planning Association of Denver, Colo.

Start a home repair and appliance replacement list: Knowing when repairs or renovations may need to happen or when new appliances need to be bought, you’ll have time to investigate the most energy efficient choices.

A completed list is great to have available when you finally sell your home or rental property — buyers like to know exactly what improvements you’ve made.

Do a transportation audit: Think about your car. Can you get more out of a car trip by consolidating errands and activities?

Better still, can you save through public transportation or telecommuting?

It might not seem like a lot, but if you run a company and have one or more employees who ride their bike to work at least three days a week, you may qualify for the $20-a-month employer reimbursement offered by the federal Bicycle Commuter Act.

As of Jan. 1, 2009, employers who provide bike parking, washing facilities, tune-ups, or other support resources for bicycle commuting, can deduct up to $20 a month per participating employee from their taxable income.

Work with your tax or financial planning professional to make sure you qualify for the break.

Also, the IRS allows employers to offer employees ways to offset mass transit costs either as a direct subsidy or a pretax deduction from their paychecks

Do a utility audit: Simple actions like designating an “indoor sweater” policy so you can turn down the thermostat are a good place to start.

Shut off lights and vents you’re not using. Get a programmable thermostat that can adjust heat and cold based on time schedules.

Consider low-flow showerheads, toilets and faucets to conserve water.

Don’t run washers, dryers or dishwashers until you can give them a full load.

Compact fluorescent light bulbs (CFL) cost more than conventional but consume a third of the power and last up to 10 times as long.

Be smart about replacing appliances: It’s smart to check the Energy Star rating of home appliances for energy efficiency.

As part of the nation’s economic stimulus efforts, the federal government has set up a “cash for appliances” program that will be rolling out state-by-state this year.

Similar to the “cash for clunkers” program in the auto industry, this federal program will offer significant discounts for buying new appliances to replace older ones that don’t meet federal energy-saving guidelines.

Start by checking with your state’s energy department to see what kind of appliances will qualify for these discounts.

Keep an eye on renovation incentives: The federal government has also extended throughout 2010 a series of energy-efficient renovations on primary residences. Windows, roofs and heating/air conditioning upgrades are part of the program, so start by going to www.energystar.gov to begin determining which products and brands qualify, because not all do.

You may leave a comment for Al below or email him at abenelli@boomer-living.com

Tags: earth day april 22, going green, internal audit, smart plans