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Will the 30% off doors, window, water heaters and insulation help stimulate the economy?
I think this part of Obama's stimulus is going to be a fantastic Idea. I was planing on adding a new on-demand water heater this year anyway and also a new entry door, now I will be hiring a plumber, an electrician, and a carpenter. I get a great tax break of 30% under the the new tax credit and I will give some local small Business some work! Good job Obama I like what I see.
10 Answers
- 1 decade agoFavorite Answer
Yes it will help the economy as well as help those who need their homes updated and insulated. It will help the businesses that sell plumbing and electrical supplies. It will help the private contractors that are really hurting right now because of the housing market collapse but most importantly it will help the elderly. Part of the stimulus goes to weatherization of homes for the elderly and disabled. It broke my heart last year when one of our last remaining WWII heroes froze to death in his own home. How could that happen in our country?
YES! It will help any bill that creates job and will increase aid to our elderly, disabled and our veterans is a good thing!
- Anonymous1 decade ago
Not if 80% of Americans who can afford expensive home remodels have already taken advantage of tax credits in past years.
A round of windows on your home will cost you $10,000 to $25,000. You would never do that unless you had money to burn.
A new heater will cost you less, but it's a pain and it's still expensive.
Insulation is something everyone should do. The only problem is that you have to tear out your walls to get it in. I've got about 85% of my ceiling and walls completely sealed in with insulation and I've saved more in my utility bills than I ever could have in tax credits. (Of course I took them anyway.)
- grandma zazaLv 71 decade ago
I just put in a solar water heating system. You should check it out.
FYI** My electric bills went down over $50.00 a month. This for a family of 3....one being a teenage girl. (You know how they love those long showers!)
- Anonymous1 decade ago
yes, but only on the surface, a 30% tax credit does not cover the cost of the long term debt and many will actually lose money because they will incure more in interest payments than the tax credit covers.
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- EssieLouLv 61 decade ago
WOW!
You have that much money left over after taxes? After I pay my mortgage, utilities, gas for my car, buy groceries etc, I have about oh.....
$20 bucks left for frivolous things like shampoo, toothpaste, etc...
PS,
My house is already super-energy efficient and there isn't much I can do to 'improve' it.....
- Anonymous1 decade ago
No.
It will cost a family 30X what it saves in energy. That's a poor payback.
Obama and I will spend $3000 on this stuff and I'll save $100/yr. Not a good idea.
- mustagmeLv 71 decade ago
But my doors and windows won't close the whole way, being 30% off.
Yuk Yuk Yuk.
- mommanukeLv 71 decade ago
Sounds good to me.
And Hussein, got any sources for that? How is insulation going to cost people money that they won't make up in lower energy usage? If you have some arcane formula to make this up, please share.
- My dude won!!!!!Lv 41 decade ago
I am very happy for you, and so are a lot of other people. Kudos to Obama