Thursday, September 27, 2007
A Little Something To Encourage Energy Efficiency In The Home
Did you know you can get a one-time income tax credit of up to $500 in total for installing efficient new windows, insulation, doors, roofs, and heating and cooling equipment in your home? In 2005, the Energy Policy Act provided federal tax credits for those of us that purchase certain, specified, “energy-efficiency upgrades” for our homes.
The important thing to note is that this tax credit is good until December 31, 2007!
Energy-Efficient Home Improvements Eligible For The Tax Credit
·Insulation, exterior door or pigmented roofs
·Central air conditioner, heat pump or water heaters (specifically tankless water heaters)
·Furnace or boilers
What Do You Need To Do To Get The Tax Credit?
·You need to file IRS Form 5695 with your taxes. You will also need receipts proving that you purchased the improvements and a copy of thee manufacturer’s certification (or the Energy Star label)
·You many want to consult your account or tax advisor for help with this.