Posts Tagged ‘IRS’

We know a lot of you were trying to get in under the wire for the 201 Energy Tax Credit before the end of last year. The good news? There are energy tax credits again this year. The bad news? They’re pared back form last year.

Most of the same products that were eligible for the 2010 home improvement tax credit are eligible for the 2011 version.  The amounts on most have just been reduced and/or capped.  Some of the eligible products include:

  • Energy efficient doors and windows:  Installation costs are not eligible for the credit. Other restrictions apply. EnergyStar windows have a max of only $200 eligible for the credit
  • Water Heaters: Credit includes installation costs; some restrictions for energy efficiency apply. $300 max credit.
  • Insulation, whether spray foam, fiberglass, or blow-in cellulose: They’re all covered so long as they meet IECC requirements. Installation cost is NOT covered.
  • HVAC components, including advanced air handlers, air force heat pumps, central A/C units, boilers, propane, and gas furnaces: Tax credits include installation costs. $300 limit, and furnaces must now be 95% efficient.
  • Biomass Stoves:  $300 credit limit.
  • Metal and asphalt roofs: Credit doesn’t include installation costs.

According to the government site, some of the tax credits allow you to claim installation costs, while other credits do not.  To find out if your product is included, and whether you can include installation costs, check the government site here.

So, if you’re in the market for new a new HVAC equipment, furnace, AC unit or heat pump, let us know! Contact us at Schedule Service Online

Article cited: http://www.smartonmoney.com/2011-home-improvement-tax-credits-for-energy-efficient-products-insulation-windows-heaters-and-more/