Friday, May 1, 2009

Federal Tax Credits for Energy Efficiency : Update

Green Slate and floating mirror

    Energy Star Federal Tax Credits for Energy Efficiency has been updated as of April 24, 2009. Tax credits are now available for home improvements. Key elements are:

    • must be "placed in service" from January 1, 2009 through December 31, 2010
    • must be for taxpayer's principal residence, EXCEPT for geothermal heat pumps, solar water heaters, solar panels, and small wind energy systems (where second homes and rentals qualify)
    • $1,500 is the maximum total amount that can be claimed for all products placed in service in 2009 & 2010 for most home improvements, EXCEPT for geothermal heat pumps, solar water heaters, solar panels, fuel cells, and small wind energy systems which are not subject to this cap, and are in effect through 2016
    • must have a Manufacturer Certification Statement3 to qualify
    • for record keeping, save your receipts and the Manufacturer Certification Statement3
    • improvements made in 2009 will be claimed on your 2009 taxes (filed by April 15, 2010) — use IRS Tax Form 5695 (2009 version) — it will be available late 2009 or early 2010
    • 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 cells, but not the tax credits for windows, doors, insulation, roofs, HVAC, or non-solar water heaters.
    Image by Jeremy Levine Design via Flickr
    Federal Tax Credits for Energy Efficiency : ENERGY STAR
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