If you purchased an energy efficient product or renewable energy system for your home for improvement purposes anytime during January 1, 2009, through December 31, 2010, you might be eligible for a Federal tax credit or deduction on your 2010 income tax returns.
As part of the American Recovery and Reinvestment Act of 2009, the U.S. Department of Energy hopes consumers will buy energy efficient products for their homes that will help save on consumers monthly energy bills, reduce air pollution and increase indoor comfort. By purchasing qualifying Energy Star Products, home owners have the opportunity to owe less on personal income taxes.
To be clear on what qualifies as an Energy Star product, the U.S. Environmental Protection Agency defines Energy Star below:
"The earn the ENERGY STAR, a home must meed strict guidelines for energy efficiency set by the U.S. Environmental Protection Agency. These homes are at least 15% more energy efficient than homes built to the 2004 International Residential Cod (IRC), and include additional energy-saving features that typically make them 20-30% more efficient than standard homes."
What products are included in home energy improvemnt tax credits?
ALL tax deductions must be for your existing home and principle residence. New construction homes, vacations homes and rentals to not qualify. You will receive a tax credit of 30% of the cost up to $1,500 for the following items:
Installation and purchase of energy efficient windows and doors
Installation and purchase of heating and cooling equipment
Roofs (Metal & Asphalt)
Water heaters (non solar)
All items must be purchased and installed between January 1, 2009 and December 31, 2010 to be eligible.
What products qualify for Existing Homes & New Construction Principle Residence & Second Homes?
This tax credit does not apply to rentals. Both existing and new construction residences apply as well as principle residences and second homes. The tax credit covers up to 30% of cost with no upper limit. This tax credit will expire December 31, 2016. The following items qualify:
Small Wind Turbines (Residential)
Solar Energy Systems
To learn more about products that help reduce energy and save energy for your home and where to buy energy efficient products, the U.S Department of Energy and the U.S. Environmental Agency have a complete list of products, tips and advice and a list of all tax credits and incentive available to home owners.
Always consult your tax expert or legal adviser to be sure your Energy Star purchases and home improvements qualify. If you are looking for homes in Reno Nevada with energy efficient features, contact me for a complete list of homes in this area.
Take Advantage Of Those Federal Energy Tax Credits For Your Northern Nevada Home
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