Did you know there are special tax credits for home improvements? A new High Enegry A/C and a list of many others? Well I am just learning this myself and thought to myself, why hasn't anyone shared this with me. Now I know what you are going to say. Tax day is tommorrow, well you can either amend the return or file it on next years return. Either way you get it back!
Good luck!!
SUMMARY OF TAX CREDITS FOR HOMEOWNERS
| Windows & Doors | Exterior Windows and Skylights | U factor <= 0.30 SHGC <= 0.30 |
30% of cost, up to $1,5002 |
Not all ENERGY STAR labeled windows and skylights qualify for tax credit. |
| Storm Windows | Meets IECC1 in combination with the exterior window over which it is installed, for the applicable climate zone | 30% of cost, up to $1,5002 |
Manufacturer Certification Statement3 will list classes of exterior window (single pane, clear glass, double pane, low-E coating, etc.)4 that a product may be combined with to be eligible in specific climate zones. |
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| Exterior Doors | U factor <= 0.30 SHGC <= 0.30 |
30% of cost, up to $1,5002 |
Not all ENERGY STAR doors will qualify. |
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| Storm Doors | In combination with a wood door assigned a default U-factor by the IECC1, and does not exceed the default U-factor requirement assigned to such combination by the IECC | 30% of cost, up to $1,5002 | ||
| Roofing | Metal Roofs, Asphalt Roofs |
ENERGY STAR qualified | 30% of cost, up to $1,5002 |
All ENERGY STAR metal and asphalt roofs qualify for the tax credit. Must be expected to last 5 years OR have a 2 year warranty. |
| Insulation | Insulation | Meets 2009 IECC & Amendments | 30% of cost, up to $1,5002 |
For insulation to qualify, its primary purpose must be to insulate (example: insulated siding does not qualify). Must be expected to last 5 years OR have a 2 year warranty |
| HVAC | Central A/C | Split Systems: EER >=13 SEER >= 16 Package systems: EER >= 12 SEER >= 14 |
30% of cost, up to $1,5002 |
For a list of qualified products, go to the Consortium for Energy Efficiency product directory Note — not all ENERGY STAR products will qualify for the tax credit. View ENERGY STAR criteria. |
| Air Source Heat Pumps | Split Systems: HSPF >= 8.5 EER >= 12.5 SEER >= 15 Package systems: HSPF >= 8 EER >= 12 SEER >= 14 |
30% of cost, up to $1,5002 | ||
| Natural Gas or Propane Furnace |
AFUE >= 95 |
30% of cost, up to $1,5002 |
For a list of qualifying products go to the Gas Appliance Manufacturing Association Not all ENERGY STAR products will qualify for the tax credit. View ENERGY STAR criteria for furnaces, boilers. |
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| Oil Furnace |
AFUE >= 90 |
30% of cost, up to $1,5002 | ||
| Gas, Propane, or Oil Hot Water Boiler |
AFUE >= 90 |
30% of cost, up to $1,5002 | ||
| Advanced Main Air Circulating Fan | No more than 2% of furnace total energy use. Read this FAQ if the fan qualifies, but the furnace does not. | 30% of cost, up to $1,5002 | ||
| Water Heaters | Gas, Oil, Propane Water Heater | Energy Factor >= 0.82 or a thermal efficiency of at least 90%. |
30% of cost, up to $1,5002 |
All ENERGY STAR gas tankless water heaters will qualify. There are currently no ENERGY STAR qualified gas storage tank or gas condensing water heaters that qualify. View ENERGY STAR criteria for water heaters. For a partial list of qualifying products go to the Air Conditioning, Heating, and refrigeration Institute (AHRI) |
| Electric Heat Pump Water Heater | Same criteria as ENERGY STAR: Energy Factor >= 2.0 | 30% of cost, up to $1,5002 |
All ENERGY STAR electric heat pump water heaters qualify for the tax credit. |
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| Biomass Stove | Biomass Stove |
Stove which burns biomass fuel5 to heat a home or heat water. Thermal efficiency rating of at least 75% as measured using a lower heating value. |
30% of cost, up to $1,5002 | |
| Geo-Thermal Heat Pump | Geo-Thermal Heat Pump |
Same criteria as ENERGY STAR: Closed Loop: |
30% of the cost |
All ENERGY STAR geo-thermal heat pumps qualify for the tax credit. Use IRS Form 5695 Must be “placed into service” before December 31, 2016. |
| Solar Energy Systems | Solar Water Heating |
At least half of the energy generated by the “qualifying property” must come from the sun. Homeowners may only claim spending on the solar water heating system property, not the entire water heating system of the household. The credit is not available for expenses for swimming pools or hot tubs. The water must be used in the dwelling. The system must be certified by the Solar Rating and Certification Corporation (SRCC). |
30% of cost |
All ENERGY STAR solar water heaters qualify for the tax credit. Use IRS Form 5695 Must be placed in service before December 31, 2016. |
| Photovoltaic Systems | Photovoltaic systems must provide electricity for the residence, and must meet applicable fire and electrical code requirement. | 30% of cost |
Use IRS Form 5695 Must be placed in service before December 31, 2016. |
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| Small Wind Energy Systems | Residential Small Wind Energy Systems | 30% of cost |
Use IRS Form 5695 Must be placed in service before December 31, 2016. |
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| Fuel Cells | Residential Fuel Cell and microturbine system |
Efficiency of at least 30% and must have a capacity of at least 0.5 kW. |
30% of the cost, up to $500 per .5 kW of power capacity |
Use IRS Form 5695 Must be placed in service before December 31, 2016. |
| Cars | Hybrid gasoline-electric, diesel, battery-electric, alternative fuel, and fuel cell vehicles | Based on a formula determined by vehicle weight, technology, and fuel economy compared to base year models |
There is a 60,000 vehicle limit per manufacturer before a phase-out period begins. Toyota and Honda have already been phased out. Credit is still available for Ford, GM and Nissan. For more information visit: Fueleconomy.gov Use IRS Form 8910 Use IRS Form 3800 |
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| Plug-in hybrid electric vehicles | $2,500–$7,500 |
The first 250,000 vehicles sold get the full tax credit (then it phases out like the hybrid vehicle tax credits). Effective January 1, 2009.
Jeannette Neerpat Would you like a Free Market Analysis? Visit www.Neerpat.com or call 954-993-4104. |
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