Thinking about energy efficient home updates? Some home improvement products are eligible for tax credits this year... and renewable energy systems like solar, wind and geothermal systems are eligible for a tax credit of 30% of the cost with no upper limit through 2016. The summary below is for federal tax credits. You may be eligible for some state, local and utility company incentives as well.
Products Eligible for Tax Credits through 2011
Credits can only be claimed once, and there is a $500 lifetime limit on tax credits that expire in 2011.
- Biomass stoves - $300 credit
- HVAC - heating and air conditioning, amount varies
- Insulation - 10% of cost, up to $500
- Roofing - 10% of cost, up to $500
- Water heaters - $300, tankless water heaters qualify, most traditional water heaters do not
- Windows, doors, skylights - 10% of cost up to $500, windows capped at $200
- See US Dept of Energy for details on Products Eligible for Tax Credits Through 2011
Products Eligible for Tax Credits through 2016
- Geothermal heat pump - 30% of cost, with no upper limit
- Solar energy systems - 30% of cost, with no upper limit
- Wind energy systems - 305 of cost, with no upper limit
- Fuel cells - 30% of cost, up to $500 per .5 KW of power capacity
- Plug-in electric vehicles - varies
- See US Dept of Energy for details on Products Eligible for Tax Credits Through 2016
These are federal tax credits. Check to see if you are also eligible for state, local and utility incentives.
Sharlene Hensrud, RE/MAX Results - Email - HomesMSP.com
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