Going green gets you green from the IRS

Real Estate Agent with Diane O and Friends - Benchmark Realty 290309

The Federal Government continues to provide incentives to homeowners to help encourage improvements in energy efficiency. Credit opportunities exist for everything from cars and appliances to homes and buildings. With more available options for energy-efficient appliances and products, a tax incentive is a great way to go green.

Credits are available for residential and commercial building, with many credits based on standards for the American Society of Heating, Refrigerating and Air-Conditioning Engineers (ASHRAE) or Energy Star, and must meet International Energy Conservation Code (IECC).

Available Tax credit for home improvements:

  1. Improvements must be installed between January 1, 2009 and December 31, 2010
  2. They must be for your principal residence, except for geothermal heat pumps, solar water heaters, solar panels, and small wind energy systems, where second homes and rentals qualify. Each must have aManufacturer Certification Statement to qualify.
  3. For record keeping, save the Manufacturer Certification Statement and your receipt. Claim improvements made in 2009 on your 2009 taxes (filed by April 15, 2010). Use IRS Tax Form 5695 (2009 version), which will be available in late 2009 or early 2010.
  4. If you are building a new home, you can qualify for the tax credit for geothermal heat pumps, photovoltaics, solar water heaters, small wind energy systems and fuel cellsbut not the tax credits for windows, doors, insulation, roofs, HVAC, or non-solar water heaters. (Source: EnergyStar.gov)
  5. $1,500 is the maximum total amount you can claim for products placed in service in 2009 and 2010 for most home improvements. Exceptions - in effect through 2016 - are geothermal heat pumps, solar water heaters, solar panels, fuel cells, and small wind energy systems, which are not subject to this cap.

An eligible residential project could include new roofing using metal or reflective shingles that meet ENERGY STAR standards. In this case, the tax credit would be for 30% of the cost of roofing materials only, up to $1,500. This is one of many examples of residential upgrades. The ENERGY STAR website and www.dsireusa.org have many more specific examples (and ideas) for green residential upgrades and describe any stipulations there in.

 Going Green is easy, why not start today and maybe saving not only the environment but some of your green.

This posting and the contents written here are the intellectual property and opinions of Diane Osowiecki of Keller Williams Realty. Diane O and Friends provides real estate services to clients in NashvilleBrentwoodFranklinSpring HillThompsons Stationand the middle Tennessee area.


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Benchmark Realty,318 Seaboard Ln., Ste 115, Franklin, TN  615-371-1544
Diane Osowiecki, license #290309 cell - 615-406-2184  email  diane@dianeo.us
Bob Osowiecki, license #325031  cell - 615-878-3902 email  bobointn@gmail.com


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Diane Osowiecki

Greater Nashville Real Estate
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