tax credits for energy efficiency
OhioGuy
home we purchased through a HUD auction. (we're financing through an FHA
203k rehab loan)
- roof needs replaced
- about 8 windows need replaced
- no appliances are present
- water heater needs replaced
- furnace and heat pump need replaced
(home is 100% electric - no natural gas available)
We are interested in maximizing energy efficiency of the place, plus
maximizing any sort of income tax credits that are available. However, we
have to balance that with the fact that any additional costs we incur that
aren't strictly necessary will be added to the cost of our loan, and we'll
end up paying interest on it.
Thankfully, it looks like a LOT of insulation was added to the attic in
the last few years. In fact, I'd say it has been maxed out, and I'm very
happy to see that.
On the negative side, the first bid for replacement of the water heater,
"air handler" and heat pump was $6,400. Over the past 6 years, we had the
gas water heater and gas furnace here replaced for less than $2k. (again,
really wish we had a gas hookup, but I doubt that will change soon - and
yes, I realize that our current house setup didn't have whole house AC, or a
heat pump)
I've been told different stories about tax credits by all of the various
potential contractors who have come out to write up bids. Some say there is
a cap of $1,500 total for both 2009 and 2010. Others say that there is a
30% tax credit for windows, another for the roof, and yet another for the
heating, water heater & heat pump. So far, I've decided to be a pessimist
and cautiously think that the total tax credit for this year is $1,500 max.
Can anyone point me to a website that would be appropriate for such info
when so many house repairs are involved? (I especially need info on limits,
and combining many energy efficient updates)
For example, we need all of our appliances. I was thinking of just buying
used ones off of Craigslist, but then again, if we could somehow get a tax
benefit, maybe it would be worth buying new. Lowe's has a 20% off energy
star appliances sale going on right now. If there is a tax credit on top of
that, it might be worth buying them new, especially if we can roll them in
to the cost of the loan. Electricity savings on the refrigerator alone
would probably more than pay for the interest payments on it.
Tony Sivori
> We are in the process of getting bids for a whole house renovation for
> a
> home we purchased through a HUD auction. (we're financing through an FHA
> 203k rehab loan)
Hey, I bought a HUD repo too. A little rough around the edges, but I can
pay it off in 9 years.
>
> - roof needs replaced
> - about 8 windows need replaced
> - no appliances are present
> - water heater needs replaced
> - furnace and heat pump need replaced
> (home is 100% electric - no natural gas available)
No appliances were in mine, but otherwise, all the major stuff was in good
shape.
> I've been told different stories about tax credits by all of the
> various
> potential contractors who have come out to write up bids. Some say
> there is a cap of $1,500 total for both 2009 and 2010. Others say that
> there is a 30% tax credit for windows, another for the roof, and yet
> another for the heating, water heater & heat pump. So far, I've decided
> to be a pessimist and cautiously think that the total tax credit for
> this year is $1,500 max.
>
> Can anyone point me to a website that would be appropriate for such
> info
And the number one Google hit for:
2009 energy federal tax credit
is:
http://www.energystar.gov/index.cfm?c=tax_credits.tx_index
--
Tony Sivori
Due to spam, I'm filtering all Google Groups posters.