|
|
|
Federal Tax Credits for Home Energy Efficiency Improvements Extended to 2010
Any time is a great time to search your home for air leaks, insufficient insulation, or heating and cooling equipment that needs updating. Property owners can now take advantage of the federal tax credit for home energy efficiency imporvements. The American Recovery and Reinvestment Act of 2009 have tripled and extended energy efficiency tax credits to 2010.
As noted by the Alliance to Save Energy (ASE), federal tax credits are now available for 30% of the cost of insulation, storm doors, exterior windows and skylights, new high-efficiency air conditioners, heat pumps, water heaters, corn-fueled stoves high efficiency furnaces and boilers as well as Energy Star-qualified cool roofs, up to a limit of $1500.
The federal tax credit is a one-time credit that can be claimed in part or in whole for tax year 2009 and/or tax year 2010. Homeowners who have claimed $500 credit in 2006 and 2007 may be eligable to claim the remaining $1,000 credit for additional products bought and installed in 2009 and/or 2010.
For details, see the ASE press release and tax credit Web page.
Clean Energy Tax Credits Expanded and Extended through 2016
As noted by the Solar Energy Industries Association (SEIA), the Emergency Economic Stabilization Act also extended a federal tax credit for 30% of the cost of both residential and commercial solar energy installations, while eliminating a $2,000 cap on the tax credit for residential solar electric installations. The law also established a tax credit for 30% of the cost of residential wind energy systems, fuel cells, and microturbines, with different caps on each type of system, and all of these clean energy tax credits are good through 2016. According to SEIA, the solar investment tax credit provisions will also allow filers of the Alternative Minimum Tax to still take the tax credit, although anyone planning to file for a tax credit should first seek the advice of a tax professional. See the SEIA press release and a summary of all the federal tax credits on the Energy Star Web site.
Updated: 1/14/09 |
|
