Energy Tax Credit—How It Can Help Improve A Home and Save Money

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Energy Tax Credit — How It Can Help Improve A Home and Save Money

If you have a client thinking about replacing their old, warped, and rotting windows and doors, let them know that now is the best time to act. That’s because a stimulus package was signed into law in February 2009 that renewed and lengthened the energy tax credit that expired in 2007 for energy-efficient home improvement projects. This means old drafty windows can be upgraded to more energy efficient ones at a discounted price.

To qualify for the energy tax credit, the sustainable building products you purchase must have a U-factor and a Solar Heat Gain Coefficient of .30 or lower. By installing new windows or doors with these qualities, a homeowner can become eligible to earn energy tax credits and save money on future energy bills.

The energy tax credit can be compared to a mail-in rebate. After some energy conserving improvements have been done to a home, the homeowner is entitled to receive some compensation. Still, this money won’t be returned immediately. The homeowner must first claim the energy efficiency tax credits from their purchases on their federal income tax form. Therefore, they’ll either receive a larger tax return or owe the government less.

Homeowners may be eligible to receive this federal energy tax credit only if they purchase any qualifying products, such as reflective foil insulation, before December 31, 2010. Products that qualify for the energy tax credit include: energy efficient doors and windows, air conditioners, insulation, heat pumps, boilers, roofs, water heaters, and furnaces. All of these products must have a U-factor and Solar Heat Gain Coefficient of .30 or lower, and have a label showing the National Fenestration Rating Council (NFRC) certification. If a homeowner qualifies, they are entitled to receive 30 percent of the costs of improvements up to $1,500

Call or e-mail us today to find out more about the energy tax credit, and how it can save money in Tampa, FL, Atlanta, GA, Birmingham, AL, Jackson, MS, or elsewhere in the southeastern part of the nation.