The federal tax credits I will be talking about in this article are for consumer related energy efficient products and services. Some of them are applicable for existing homes only and others are for both existing and new homes. Also, some of them apply for the years 2009 and 2010 only while other apply through 2016
AT the conclusion of this article I will give you a link where you can obtain more specific criteria for each of these items listed in this article.
Listed below are several home energy tax credits that are good in the years 2009 and 2010 and apply only to existing homes. Home Owners can receive a tax credit of 30% of the cost of each of these up to a total of $1,500.00. They are as follows.
- Exterior Windows and Skylights
- Storm Windows
- Exterior Doors
- Storm Doors
- Roofing
- Insulation
- Central A/C
- Air Source Heat Pumps
- Natural Gas or Propane Furnaces
- Oil Furnaces
- Gas, Propane or Oil Hot Water Boilers
- Advanced Main Air Circulating Fans
- Gas, Oil or Propane Water Heaters
- Biomass Stoves
The next list applies to both existing and new homes through the year 2016. The tax credits are available at 30% of the cost and with no upper limits.
- Geo-Thermal Heat Pumps
- Solar Water Heating
- Photovoltaic Systems
- Residential Small Wind Turbines
- Residential Fuel Cell and Microturbine Systems
These tax credits are available for home improvements under the following guidelines.
- Must be placed in service according to the dates and time limits specified
- Must be the taxpayers principal residence (Some Exceptions Apply)
- Must have a Manufacturer Certification Statement to qualify
- Must keep sales receipt and Manufacturer Certification Statements for your records
- Must claim the 2009 home improvement on your 2009 taxes and use tax for 5695 (2009) version and the 2010 form when available for the tax year 2010
- If you are building a new home you will qualify for some of the tax credits but not for some of the others
To find out more about the details and specifics of the above mentioned tax credits go to the following website.
http://www.energystar.gov/index.cfm?c=products.pr_tax_credits
The great thing about this is, not only will you be able to save money by getting a tax credit, but you will also receive savings on your monthly energy bills. Each time you perform a home improvement that involves making your home more energy efficient, it’s like putting additional money in your pocket. Even if these tax credits were not available, upgrading those areas of your home that need to be more energy efficient can amount to a significant amount of savings year after year.
