Energy Tax Credits Available

For those of you who want to upgrade, change or improve your home, there are many tax credits available from the government. If you are not sure what those credits are, here is a short list with facts you can use (Please keep in mind that these repairs need to meet certain criteria established by the government. For that criteria you can go to http://www.energystar.gov/taxcredits

Insulation - 30% of cost up to $1,500
Exterior Windows and Skylights - 30% of cost up to $1,500
Storm Windows - 30% of cost up to $1,500
Exterior Doors - 30% of cost up to $1,500
Storm Doors - 30% of cost up to $1,500
Roofing - Energy star qualified and reflective asphalt shingles - 30% of cost up to $1,500

Installation costs are not covered by the tax credit for windows, doors, insulation and roofs. It is for materials only.

On new construction you can obtain tax credits for geothermal heat pumps, photovoltaics, solar water heaters, small wind energy systems and fuel cells, but not for windows, doors, insulation, roofs, HVAC or nonsolar water heaters.

In order to qualify for the tax credit, all products must have a signed statement from the manufacturer certifying the product meets the standards for the tax credit. The Manufacturer Certification Statement isn’t required to send in with your tax return but must accompany your receipts and records.

It is recommended by the National Association of Home Builders (NAHB) to save all receipts with the contact information of each manufacturer, the make and model of the product, and the manufacturer’s statement that the product meets the tax credit standards.

Conserving energy through the use of “green” products might not have been at the top of your list a few years ago, but thanks to the 2009 economic stimulus bill the government has made it financially beneficial to homeowners to work toward energy efficiency. Tax credits are available unlike ever before to homeowners who are planning a home remodel with green appliances and practices.

When helping the environment while saving money, everybody wins.