It's Time to Take Advantage of Tax Credits For Energy Saving Home Improvements
Natasha Kennedy
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.
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