Improve Your Home, Get A Tax Credit
Due to the February 17, 2009 passage of the American Recovery and Reinvestment Act of 2009
, tax credits are extended for a variety of energy-efficient improvements originally established by the federal Energy Policy Act of 2005.
What does this mean for you? If you buy a qualifying product noted in the federal program by December 31, 2010, you will be eligible for a tax credit for up to 30 percent of the cost of the product. The maximum credit available is $1,500.
So, what products qualify? Qualified products include water heaters (non-solar), roofs (metal and asphalt), HVAC, insulation, biomass stoves, geothermal heat pumps, solar panels, doors, windows, solar water heaters, small wind energy systems, fuel cells and energy efficient cars.
In addition to the tax credit, lots of local utilities offer rebates and other financial incentives for buying qualifying doors, windows and skylights. You'll want to ask the company from which you buy the products as to which products qualify. You may also want to contact your local utility to see what company you need to buy the products from to be eligible.
Qualifying products can be bought anytime January 1, 2009 through December 31, 2010. Installation, however, is not included in the tax credit. It will be necessary to obtain an itemized receipt for each qualifying product.
Keep in mind, products must meet or exceed criteria established for the federal tax incentive. For instance, products purchased prior to June 1, 2009 must meet or exceed the following for the climate zone in which you install the product:
*21 Supplement of the 2000 International Energy Conversation Code (IECC)
*2004 Supplement of the 2003 IECC
Products bought on or beyond June 1, 2009 must have Solar Heat Gain Coefficient (SHGC) and U-Factor ratings of .30 or less, and the ratings have to be certified by the National Fenestration Rating Council (NFRC). For more information regarding product performance, access the NFRC website. Make sure you receive a manufacturer certification statement (MCS) from the retailer or installer. It may also be accessible from the manufacturer's website.
To encourage homeowners to purchase energy efficient products, partners of certain businesses sometimes sponsor special offers, like sales tax credits or exemptions, or rebates for qualified products. Partners also sponsor occasional recycling incentives for following proper disposal procedures for old, replaced products.
See the following for a complete list of eligible products:
Appliances -
*Dishwashers
*Clothes Washers
*Refrigerators & Freezers
*Room Air Conditioners
*Residential Dehumidifiers
*Water Coolers
Fans -
*Residential Ventilation Fans
*Ceiling Fans
Heating and Cooling -
*Ceiling Fans
*Boilers
*Electric Air-Source Heat Pump
*Central AC
*Furnaces
*Programmable Thermostats
*Geothermal Heat Pumps
Home Electronics -
*Audio and DVD Products
*Combination Units
*DVD Products
*Cordless Phones
*Home Audio
*Set-top Boxes
*Phones and Answering Machines
*Televisions
Home Envelope -
*Roof Products
*Insulation
*Windows, Doors & Skylights
Lighting Products -
*Ceiling Fans
*CFL Bulbs
*Decorative Light Strings
*Light Fixtures
*LED Lighting
Office Equipment -
*Digital Duplicators
*Computers
*Notebook Computers/Tablet PCs
*Monitors
*Copiers
*Fax Machines
*Copiers and Fax Machines
*Multifunction Devices
*Printers
*Printers, Scanners, and All-in-Ones
*Scanners
*Mailing Machines
Residential Water Heaters -
*Heat Pump
*Gas Condensing
*High-Efficiency Gas Storage
*Solar - Gas
*Solar - Electric
*Whole-Home Tankless Gas
If you have questions about specific tax credits, you should consult your tax professional.
by: Ki Gray
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