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Current Newsletter
Residential Energy Credits
The recent tax act of 2009 included a provision for an increased energy credit on residential property.
The energy credit is now 30% of expenditures to a maxium of $1,500 of qualified expenditures in the period of December 31, 2008 to January 1, 2011.
This credit is allowable on:
- insulation.
- exterior windows including skylights.
- exterior doors.
- certain metal roofs.
- certain asphalt roofs with cooling granules.
- electric heat pumps for water heating, heat and air conditioners.
- certain natural gas, propane or oil furnaces.
- advanced main air circulating fans.
- solar installations.
There are further credits for plug in electric vehicles and production of electricity from alternative sources of energy. Only certain windows, doors and furnaces qualify. All dealers of these products know what qualifies, but, if in doubt, contact us.
It is unlikely this expanded credit will be renewed. Remember - a credit is deducted dollar for dollar against your tax liability, plus the associated energy saving. This is a situation that deserves your attention. |
