Thursday, October 28, 2010

Energy Star Federal Tax Credit

If you purchase an energy-efficient product or renewable energy system for your home, you may be eligible for a federal tax credit. Not all Energy Star products qualify, and it does not cover the cost of installation.

There are some things you should know about the credit.
  • The credit covers 30% of the total cost, up to $1,500.
  • It must be on an existing home and your primary residence.
  • New construction and rentals do not qualify.
  • Expires December 31, 2010
The products they cover are:
  • Biomass stoves
  • Heating, ventilating, air conditioning
  • Insulation
  • Roofs (Metal and Asphalt
  • Water heaters (non-solar)
  • Windows and doors
The tax credit on the following items expires December 31, 2016:
  • Geothermal heat pumps
  • Small wind turbines (residential)
  • Solar energy systems
Tax credit for 30% of the cost, up to $500 per .5 kW of power capacity:
  • Fuel cells (Residential fuel cell and Microturbine system
For more information, read the guidelines carefully here.

No comments: