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Energy Efficient Home Improvements

Posted by Predovich & Company

Tax credits are now available for home improvements meeting the following criteria:

  • 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 Statement to qualify
  • For record keeping, save your receipts and the Manufacturer Certification Statement
  • Improvements made in 2009 will be claimed on your 2009 taxes
  • 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
Tax credits are available at 30% of the cost, up to $1,500, in 2009 & 2010 (for existing homes only) for:
  • Windows and Doors
  • Insulation
  • Roofs (Metal and Asphalt)
  • HVAC
  • Water Heaters (non-solar)
  • Biomass Stoves
Tax credits are available at 30% of the cost, with no upper limit through 2016 (for existing homes & new construction) for:
  • Geothermal Heat Pumps
  • Solar Panels
  • Solar Water Heaters
  • Small Wind Energy Systems
  • Fuel Cells
 Source: Federal Tax Credits for Consumer Energy Efficiency at EnergyStar.gov

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