Home > Blogs > Gloria Benaroch > Gloria Benaroch's (gloribee) Blog

Save Energy and Tax Dollars Too! New Federal Tax Incentives for Energy-Efficiency Home Improvements

By Gloria Benaroch

Real Estate Broker/Owner with Heritage House Sotheby's International NJ Broker #8935976

February 25, 2009 09:36 AM

I just received this inofrmation from NJ Gas and thought to pass it on.

On February 17, 2009, President Obama signed a stimulus bill, The American Recovery and Reinvestment Act of 2009, that made significant changes to the energy-efficiency tax credits. Tax credits that were previously effective for 2009 have been extended to 2010 and raised from 10 percent to 30 percent. The maximum credit was also raised from $500 to $1500 for the two years (2009-2010).* Home improvements eligible under this act include:

Roofs
Insulation
Replacement windows and doors
High-efficiency heating and cooling systems
High-efficiency water heaters
Biomass stoves

There are also tax credits for geothermal heat pumps, solar water heaters, solar panels, windmills and fuel cells at 30 percent of the cost, without any upper limit. Click here for details and complete eligibility requirements. So as spring approaches, remember those energy-saving home improvement projects can not only lower your energy bills and help conserve our natural resources, but also save you valuable tax dollars.
Tax credits for builders of new energy-efficient homes and designers of energy-efficient commercial buildings were also extended. Click here and scroll down to view the details. *Additional incentives are available through New Jersey's Clean Energy Program.