Posts Tagged ‘IRS’

Energy Tax Credits for 2013: Available again!

January 9, 2013

greenhomes evergy infographic

One good result from the end of the year fiscal cliff hanger is an extension of the residential energy tax credit.

If you haven’t used it in the past, all the way back to 2006, there is a $500 tax credit for material costs of certain energy efficiency measures done to your home.

The American Taxpayer Relief Act extended the tax credit through 2013, making it retroactive from January 1, 2012. This means last year counts as well.

10% of the cost of materials, such as insulation, exterior windows, and doors that meet Energy Star requirements, can be used. Credits for window expenses are limited, as are AC units and furnaces, so a combination of improvements will help maximize what you can get, just perfect for home performance work on your home.

Check out http://www.irs.gov/ for more information. Or see the entire American Taxpayer Relief Act of 2012 here. Ask us we can help!

Thanks,
Jason

Advertisements

Energy Efficient Tax Credits For 2011 and 2012

March 20, 2012

It’s that time of year again, and although we have written about Energy Efficiency tax credits for 2011 before, if you had work done this past year, it might be time to review.  You can also go to our learning center for solutions to common problems we fix in homes just like yours, as well as links to our franchise locations; they can provide details about incentives available in their area.

Many of the federal tax credits ended in 2011, but not all of them.  What will continue for 2012, are credits for some renewable energy systems.  Solar water heating and photovoltaic systems, small wind systems, and geothermal heat pumps, are all eligible measures through 2016.  If you are thinking of alternatives, consider our interactive online home to get a better sense of whether or not these types of improvements are really what you need this year.

Alternative energy systems can be expensive, and it often makes the most sense to install them in homes that are very efficient from the start.  You might be surprised by what some simple measures can save you money.  Tax credit or not, insulation, air sealing and efficient heating and hot water systems can pay for themselves in short order.  Simple measures that cost less and save you more!

Thanks,

Jason

Summary of 2011 Home Energy Improvement Tax Credit Now Available

January 5, 2011

As noted earlier, the federal energy efficiency tax credit has been extended through 2011, but the federal government has significantly changed the credit limits and eligibility requirements.  And we’ve been getting a lot of questions about this.  So let’s try to clarify things.  Here’s how it looks in 2011.

For measures installed between January 1, 2011 and December 31, 2011, the credit is generally 10% of costs on qualifying energy efficiency improvement measures, up to a maximum of $500.  However, special limits have been put on certain qualifying equipment and measures.  For example:

  • 10% up to $500 for insulation, roofs, and doors
  • High efficiency furnaces and boilers – $150
  • Air-Conditioners and  heat pumps – $300
  • Main air circulating fans – $50
  • ENERGY STAR Windows – 10% capped at $200
  • Energy efficient water heaters – $300

The $500 cap will apply to anyone who received the credit from Jan. 1, 2005 to present. Thus, if you’ve claimAsk your GreenHomes Advisor for information of the 2011 Tax Creditsed a cumulative credit of $500 or more since Jan. 1, 2005, you won’t be eligible for the 2011 extension.  If you’ve claimed less than $500 cumulatively, you are eligible for the difference with qualifying measures.  Check out our more complete summary of the 2011 credits and FAQ for further details.

Certain renewable energy tax credits for solar PV, solar hot water, and geothermal, for example, remain in place at 30% of cost, with no cap.

[Note: 2009-2010 tax filers, the 2010 tax credit information is still available—don’t forget to claim any credits you’re eligible for when you file your 2010 tax return.]

Thanks,
Mike

Reminder: Don’t forget to claim any energy-efficiency home improvement tax credits

April 14, 2010

Many people scrambled to get qualifying improvements installed before the end of 2009 to be able to claim tax credits—don’t forget to claim the credits if you did!  It’s important to remember that ARRA extended these energy-efficiency home improvement tax credits through December 31, 2010.  And thus the $1,500 credit is still available for qualifying insulation, furnace and air-conditioner replacements, window and door replacement, and other measures.   We’ve got a good summary of measures that qualify and answers to some frequently asked questions on these federal tax credits for energy-efficiency improvements. See also IRS 2009 Form 5695 which includes instructions and requirements.

Thanks,
Mike


%d bloggers like this: