A guide to cutting energy bills and taxes
January 5th, 2009 in Blogs
Richard Defendorf, contributor
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It’s one thing for Congress to pass energy-conservation tax incentives for homeowners, it's another to make sure homeowners know about them.
That’s where the Tax Incentives Assistance Project comes in handy. Sponsored by a coalition of public interest nonprofit groups, government agencies, and other organizations in the energy efficiency field, TIAP provides consumers and businesses with information about federal income tax incentives for energy efficient products and technologies passed by Congress as part of the Energy Policy Act of 2005 and its subsequent amendments.
Tax credits for home improvements made in 2009 are available for the following:
• Insulation and sealing products – 10 percent of the cost, up to $500, for insulation added to walls, ceilings, or other parts of the building envelope, and for materials to seal cracks in the shell and to seal ducts to reduce infiltration and heat loss. Installation costs are not eligible for the tax credit.
• Windows, storm windows, and skylights – 10 percent of the cost, up to $200, of any new Energy Star-qualified windows. (Installation costs are not eligible.)
• Exterior doors and window films – 10 percent of the cost, up to $500.
• Roofs – 10 percent of the cost, up to $500, for metal roofs with pigmented coatings or asphalt roofs with cooling granules that meet Energy Star requirements. Again, installation costs do not qualify for a tax credit.
• Central air conditioner, heat pump, water heater, or biomass (e.g. corn) stove – up to $300 toward the purchase price, including installation costs.
• Furnaces and boilers – up to $150 for new high-efficiency gas, oil, and propane furnaces and boilers.
• High-efficiency fans for heating and cooling systems – $50.
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