Energy Tax Credit up to
$1,500
Now
Available!
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The recently passed
Economic Stimulus package
(the American Recovery and Reinvestment Act of
2009) includes
federal tax credits that
encourage homeowners to conserve energy by making energy efficient
improvements to their homes. Replacing windows
and doors with energy efficient products
qualifies for this tax credit!
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How to Qualify |
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1. |
Replace old
windows and doors with qualifying
products
between January 1, 2009 and December 31,
2010. |
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2. |
Save
the purchase receipt and all NFRC/Energy
Star labels from the windows and doors
installed. |
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3.
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Improvements made in 2009 can be claimed
on
the homeowner’s 2009 taxes (filed by
April 15,
2010). |
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Details of the Tax Credit
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1.
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The
federal tax credit
is based on 30%
of the cost of the product cost
of new windows and doors, up to
$1,500. |
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For example, a purchase
price totaling $5,000 of
qualifying products will receive the maximum tax
credit of $1,500.
-
Not all products in the
project are required to meet
a 0.30 U-value and 0.30
SHGC. Therefore, $5,000 of
product that does qualify
can be used with product
that does not, yet the
homeowner receives the
maximum rebate.
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2. |
The federal tax credit is available on projects
completed in 2009 and 2010 for a total
of $1,500 over the two-year period.
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3.
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The tax credit applies to the homeowner’s
principal residence only.
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| 4. |
A tax credit is a dollar-for-dollar
reduction subtracted from your tax
liability. Therefore, $1,500 can be
subtracted directly from the amount of
tax that is owed, or added to a tax
refund. |
| 5. |
To view FAQs
addressed on the
Energy Star website,
Click
Here |
| 6. |
For related tax advice, please consult
your tax advisor. |
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