Draft Residential Energy Tax Credit Form Available

by

The draft of IRS 2009 Form 5695 for Residential Energy Tax Credits is now availabe.  As previously discussed here, this credit provides up to $1,500 for a variety of energy-efficiency improvements including insulation, windows, doors, roofing, furnaces, boilers, and air-conditioners.  It also provides for a 30% credit for renewables including solar PV, solar water heating, wind, and geothermal.

As you’ll see in the disclaimer from the IRS, this form is subject to change.  But it should give you a decent idea anyway.

 We have a good summary of the tax credit with qualifying measures and an FAQ.

Thanks,
Mike

Advertisements

Tags: , , , , , , , , , , ,

5 Responses to “Draft Residential Energy Tax Credit Form Available”

  1. Nolan Says:

    I think it is fantastic how we are using renewable energy and going green in so many ways. I think we also need to do things like reducing our energy usage, like installing geothermal heat pumps to replace high energy heating and cooling systems.

    • greenhomesamerica Says:

      Geothermal is great. I’m a big fan. But the size of the load drives the cost of geothermal, and like with PV or other renewables, it almost always make sense to look at energy-efficiency first, reducing the total demand. Not only does this reduce the load, and thus the size of the geothermal, PV, wind, or any other system you need, but done right it also improves comforts and the durability of the home in ways that renewable energy cannot. Go geo, go geo with PV. But go efficiency first.

      Thanks,
      Mike

  2. Richard Says:

    TAX CREDIT/BENEFITS
    It’s a great time to invest in geothermal heating and cooling technology. The American Recovery and Reinvestment Act of 2009 recently lifted the caps on tax credits to qualified geothermal heat pumps, which was previously set at $2000. Homeowners who install a geothermal ground loop or ground water geothermal heat pump qualify for this one time of up to 30% of the total investment, as long as the pump meets or exceeds EnergyStar requirements and installed after December 31, 2009. Business owners will receive a credit of 10% of the total investment. Units installed in 2008 are subject to a $2,000 cap, but those installed between 2009-2016 have no cap.

    This substantial tax credit is just one of the many benefits of using geothermal technology to heat and cool your home. Geothermal systems use 25-50% less electricity than conventional systems. According to the EPA, geothermal pumps reduce energy consumption up to 44% compared to air-source heat pumps, and up to 72% compared to standard air-conditioning. In humid areas, like Florida, geothermal heat pumps improve humidity control by maintaining 50% relative indoor humidity.

    But it’s not just the tax credit or energy savings that should peek your interest, geothermal heat pumps are also extremely durable and reliable. The underground piping carries warranties of 25-50 years, and the heat pumps are known to last twenty years of longer.

    So, if you’re looking for a reliable system that will also give you tremendous savings on your energy bill over the long-run, a geothermal heat pump may just be what you’re looking for!

    • greenhomesamerica Says:

      As I’ve mentioned here before, geothermal is great. I’m a big fan. But the size of the load drives the cost of geothermal, and like with PV or other renewables, it almost always make sense to look at energy-efficiency first, reducing the total demand. Not only does this reduce the load, and thus the size of the geothermal, PV, wind, or any other system you need, but done right it also improves comforts and the durability of the home in ways that renewable energy cannot. Go geo, go geo with PV. But go efficiency first.

      Thanks,
      Mike

  3. All Things Eco Blog Carnival Volume Sixty | Focus Organic.com Says:

    […] Rogers presents Draft Residential Energy Tax Credit Form Available posted at GreenHomes America. Mike says, "The draft of IRS 2009 Form 5695 for Residential Energy […]

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


%d bloggers like this: