2010 tax credits & How they affect your home
Tax Credits for Residential Energy-Efficient Property: A tax credit is available for 30 percent of the cost of certain items installed in a principal residence or second home between Jan. 1, 2009 and Dec. 31, 2016. The credit covers qualified high-cost items, including: solar electric property costs; solar water heating property costs; small wind energy property costs; and geothermal heat pump property costs. This tax credit has literally no limit, meaning that if a qualifying cost is $35,000, the tax credit is $10,500 (30 percent of $35,000). Go to www.energystar.gov and IRS Form 5695, Part II for additional information and specifics on this credit.Tax Credits for Energy-Saving Home Improvements: A tax credit, limited to $1,500, equal to 30 percent of the cost of certain energy savings expenditures in 2009 and 2010, is available. The tax credit limit is $1,500 between 2009 and 2010, not $1,500 in each year. These items are generally lower-cost items, including: insulation; windows and doors; skylights, metal and certain asphalt roofs; qualified natural gas, propane, or oil furnace or hot water boilers; advanced main air circulating fans used with a natural gas, propane or oil furnace. See www.energystar.gov and IRS Form 5695, Part I for additional information and specifics on this credit
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2010 Tax Credits & How they affect your home
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