Property Taxes ECONOMIC STIMULUS PACKAGE

 

Free federal money is finally trickling down to the common tax payers,  us the homeowners.

Energy Star has published comprehensive information on how the housing industry and consumers can take advantage of the federal tax credits for energy-efficient home improvements in the new economic stimulus package.

Congressional economists project that the new provisions will generate an estimated $6 billion in remodeling work by the end of 2010.

Under the stimulus legislation signed by President Obama, the percentage of the cost and lifetime cap have been tripled to 30% and $1,500, respectively, and the deadline for installing them has been extended through the end of 2010.

In addition to expanding the 25C tax credit, the IRS 25D credit for renewable energy products has also been expanded and is even more generous for specific improvements — including geothermal heat pumps, solar panels, solar hot water heaters, small wind energy systems, and fuel cells. The 30% tax credit applies to these products but there is no cap on their cost through 2016. In addition, these credits also apply to new construction, as well as to remodeling and renovation projects.

The newly expanded tax credits are in alignment with industry research showing that remodeling and retrofitting the nation’s older homes will have a far more significant impact on reducing residential energy consumption than meeting even the most aggressive efficiency goals for new homes.

Tax Credit How-to

Details on qualifying improvements are available on the Energy Star web site.  You can read more on the same but perhaps clearer information Here.

Home owners can claim the 25C and 25D credits on Form 5695 when they prepare their income tax returns. They should also retain records that include:

  • Name and address of the manufacturer
  • Identification of the component
  • Make, model or other appropriate identifiers
  • Statement that the component meets the 25C standards
  • Climate zones for which the criteria are satisfied
  • Additional information for storm windows, if applicable
  • A declaration that the certification statement is true

Hiring someone with the proper green certification and the experience in retrofitting existing homes with energy saving features will certainly make the process easier for you.  Sylvain Côté & Absolute Green Homes will be glad in assisting you getting there.

Someone said "Pay now or pay dearly later".

I say  "Be green by spending a little green now to save a lot of green later."

For those of you who wish to be the deepest shade of green, find out  how to live in a healthier home for less money than you are spending now.

 

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