Energy Efficient Tax Credits Available from Uncle Sam!



So, somebody wanted to "verify" with me the other day if they could get the $8K homebuyer credit for greening their home?  What?!  No, nice try slim shady ... but they are completely different.  Do not confuse the "first time homebuyer" or the "current home owner" tax credit, for the "Home energy efficient tax credit".  I guess maybe one could confuse the two ... home and tax credits are in both of them.  I do tell my clients, however, that now is the time to improve the energy features of your house.  During 2009/2010, you can recoup your investment by:
  • lowering your energy bills; and
  • saving up to $1,500 on your tax bill.
The American Recovery and Reinvestment Act of 2009 allows tax credits for energy efficiency improvements. Homeowners may claim up to 30% of costs of all equipment purchased during the aggregate two-year period of 2009 and 2010, up to $1,500 total. Tax credits for installations made in 2006 and 2007 are still limited to the $500 allowable by previous laws. If your purchases were made in 2008, this really sucks, you get $0.  Owners of existing homes receive a tax credit worth 30% of the cost of upgrading the efficiency of their home. 

Here improvements which are eligible for the tax credit:
  • Insulation materials and system
  • Exterior doors and windows (including skylights)
  • Roofs (metal and asphalt)
  • Electric heat pumps
  • Central air conditioners
  • Natural gas, propane or oil water heaters
  • Natural gas, propane or oil furnace or hot water boilers
  • Electric heat pump water heaters
Performance and quality standards for tax credit eligibility vary by technology. See the Energy Star web site  for detailed information on qualifying products.  Click here for complete details on the Residential Energy Efficiency Tax Credit (Source: DSIRE)
Posted by Greeen Agent at 1/4/2010 12:20 PM
Categories: Energy Tax Credits
Tags: Energy Tax Credits government credit for energy efficiency
 

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