Energy Tax Credits
April 6, 2010
For those of you who are enjoying your present home and would also like to enjoy some tax credits, energy saving home improvements are a great way to go. As part of the federal stimulus package last year, there is a list of home improvements that you could make in 2010. These improvements could reduce your energy bills, contribute to the value of your home and make you eligible for tax credits. While these tax credits are not as substantial as the first time home buyer tax credits, they help with your overall home improvement costs.
The most substantial credit would be for converting your entire home to a solar energy system. The credit is based on the cost and is generally calculated at 30% of the cost. New furnaces, air conditioning, tankless hot water heaters are all improvements that could be eligible for this credit.
One of the most common home improvements that seems to be popular these days is the replacement of single pane windows with new dual pane windows. Again the credit is 30% of the cost, but there is a cap of $1500 on these improvements.
Some states offer additional credits as do some utility companies. It is a good idea to read the inserts that come with your utility bills as these inserts often refer to the rebates and credits that are being provided.
All of these improvements can be enjoyed and many of them will definitely enhance the future value of your property.
For those of you who are enjoying your present home and would also like to enjoy some tax credits, energy saving home improvements are a great way to go. As part of the federal stimulus package last year, there is a list of home improvements that you could make in 2010. These improvements could reduce your energy bills, contribute to the value of your home and make you eligible for tax credits. While these tax credits are not as substantial as the first time home buyer tax credits, they help with your overall home improvement costs.
The most substantial credit would be for converting your entire home to a solar energy system. The credit is based on the cost and is generally calculated at 30% of the cost. New furnaces, air conditioning, tankless hot water heaters are all improvements that could be eligible for this credit.
One of the most common home improvements that seems to be popular these days is the replacement of single pane windows with new dual pane windows. Again the credit is 30% of the cost, but there is a cap of $1500 on these improvements.
Some states offer additional credits as do some utility companies. It is a good idea to read the inserts that come with your utility bills as these inserts often refer to the rebates and credits that are being provided.
All of these improvements can be enjoyed and many of them will definitely enhance the future value of your property.
posted by shirley harry at 7:56 AM
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