The Cost of going Green (Sustainable) just keeps getting more affordable. Did you know that per the IRS news release on 10/28/09 "Energy-Saving Steps This Year May Result in Tax Savings Next Year". The notice goes on to say:
"Home Energy Credits Updated 10/28/09 The Internal Revenue Service today reminded individual and business taxpayers that many energy-saving steps taken this year may result in bigger tax savings next year. The recently enacted American Recovery and Reinvestment Act (ARRA) of 2009 contained a number of either new or expanded tax benefits on expenditures to reduce energy use or create new energy sources.
Tax Credits for Home Energy Efficiency Improvements Increase Homeowners can get bigger tax credits for making energy efficiency improvements or installing alternative energy equipment. “These new, expanded credits encourage homeowners to make improvements that will make their homes more energy efficient,” said IRS Commissioner Doug Shulman. “People can improve their homes and save money over the long run.” ARRA provides for a uniform credit of 30 percent of the cost of qualifying improvements up to $1,500, such as adding insulation, energy-efficient exterior windows, and energy-efficient heating and air conditioning systems. The new law also raised the limit on the amount that can be claimed for improvements placed in service during 2009 and 2010 to $1,500, instead of the $500 lifetime limit under the old law. In addition, the new law has increased the energy efficiency standards for building insulation, exterior windows, doors, and skylights, certain central air conditioners, and natural gas, propane or oil water heaters placed in service after Feb. 17, 2009.
The new law also eliminates the cap on the 30 percent tax credit for alternative energy equipment, such as solar water heaters, geothermal heat pumps and small wind turbines, installed in a home. The cap generally has been eliminated for these improvements beginning in the 2009 tax year. The IRS today issued Notice 2009-41, which explains the effects of this change. "
I've been wanting that Toto Toilet, new 90% efficient furnace and SOLAR, maybe now is the time to look into the REAL cost of purchasing such items. The tax break can make it attactive and doable in the near future. Let's give it a look, shall we? For more information go to the IRS website http://www.irs.gov/newsroom/article/0,,id=206869,00.html
DRE #615420
- Terrylynn has been a Realtor in Contra Costa County for over 32 years. She works with Diablo Realty in Walnut Creek and is consistently a top producer. Terrylynn is a local expert, please contact her for any Real Estate needs, or with a question about the area. Visit www.BuyStageSell.com to learn more about Terrylynn and her team of Real Estate Professionals and Staging Professionals, and how their award winning results can earn you more equity $$$ when you sell a home. We even stage our short sales! Why? Because it works.
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Thanks Terrylyn...this is great news. I knew about the 'Recovery Through Retrofit' program but I was not aware that tax benefits had already be put in place. I think the challenge for those of us promoting sustainable real estate is communicating the features and benefits of green homes. There seems to be many tax related benefits for various green improvements but they are often buried in local, regional, state or federal tax codes. We need to somehow extract that information and feed it to the consumers. Thanks for your post. It is a great help toward informing consumers about how they may benefit from purchasing or renovating a green home.
Have a great day,
john