This is Your Last Chance to Save With Home Energy Credits

For the foreseeable future, a number of tax credits for home energy efficiency improvements will go away at the end of 2011. Here are some credits that apply to improvements made to a taxpayer’s principal residence.

Generally speaking, the credit is for 10% of the improvement cost, up to a lifetime credit of as much as $500. A tax credit is a direct reduction of tax liability, unlike a deduction.

For Energy-Star qualified windows and doors, 10% of the materials cost (not including installation) qualifies, up to $500 for doors or $200 for windows.

Insulation, metal and asphalt heat-resistant roof replacements: 10% of materials, up to $500.

Biomass stoves and qualified water heaters: $300.

For heating, air conditioning, and ventilation systems, the credit varies from $50 to $300.

About the author

Thomas Fisher, CFP®

Leave a Reply

Copyright 2014   About Us   Contact Us   Our Advisors       Login