What do the tax credits for energy efficiency and renewable energy mean for you?comments (5) March 12th, 2009 in Blogs
- You can claim a tax credit of up to 30% of the cost of home energy efficiency improvements made in 2009, up to $5,000 in total costs, or $1,500. The credit applies to improvements such as the installation of insulation, energy efficient windows, and/or an energy efficient furnace, boiler, water heater, air conditioner, or biogas stove.
- The Alliance to Save Energy, a nonprofit coalition of business, government, environmental and consumer leaders, points out that the tax credit can be applied to installation costs for heating and cooling equipment, but only product costs for windows, insulation, and other parts of the building shell.
- The stimulus bill also removed the $2,000 cap on a tax credit, pegged to a 30% tax rebate, on installation of geothermal heat pumps, solar photovoltaic cells, and solar water heaters. The credit can be applied to installations done from 2009 through December 31, 2016. These appliances must meet Energy Star criteria.
- A tax credit also can be applied against the cost of a fuel cell or small wind-turbine system. The credit covers up to $500 per 0.5Kw of capacity.
- A tax credit is available for 30% of the cost of insulated garage doors installed on insulated residential garages in 2009 or 2010, according to GarageWowNow.com, a Web site sponsored by the garage door industry. The tax credit cap is $1,500. The qualifying criteria: the door's U-factor must be less than or equal to 0.30, even if the door contains windows; its perimeter must be able to control air infiltration; the door must be expected to remain in service for at least five years; and the garage must be part of the taxpayer's principal U.S. residence.
As more of these tax credits come to our attention, we’ll add them to the list.
posted in: Blogs, business, energy efficiency, green building
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