Energy Efficient Home Tax Credits
The new tax law provides for a tax credit to existing homes. You can get a 10 percent tax credit for buying qualified energy efficiency improvements. Read the 2000 International Energy Conservation Code to qualify.
Use the following items for eligibility:
Insulation systems that reduce heat loss/gain
Exterior windows (including skylights)
Exterior doors Metal roofs (meeting applicable Energy Star requirements).
In addition, the law provides a credit for costs relating to residential energy property expenses. To qualify as residential energy property, the property must meet certification requirements prescribed by the Secretary of the Treasury and must be installed in the taxpayer's main home in the United States.
The following items are eligible:
$50 for each advanced main air circulating fan
$150 for each qualified natural gas, propane, or oil furnace or hot water boiler
$300 for each item of qualified energy efficient property.
The maximum credit for all taxable years is $500 - no more than $200 of the credit can be attributable to expenses for windows.
The new law also makes a credit available to those who add qualified solar panels, solar water heating equipment, or a fuel cell power plant to their homes in the United States.
Related Tags: policy, energy conservation, tax credits, energy savings, tax act, energy efficient windows
Lois Center-Shabazz is the founder of the personal finance website, Msfinancialsavvy.com and the author of the award-winning book, Let's Get Financial Savvy! Msfinancialsavvy.com
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