There is still time to take advantage of the Home Energy Credit if you haven’t used all of this tax credit up already. This credit is for 10% of the cost, but not the installation, of several energy-efficient items for your home, but there is a limit of $500.00 ($200.00 for windows) that includes past Home Energy Credits taken going back to 2005.
Some of the energy-efficient items that qualify for this credit are:
· Doors and Windows
· Insulation and some Roofs
· Furnaces
· Air Conditioners
· Water Heaters
· Stoves
Check for manufacturer certificates to see if your item(s) qualify. If you want to take advantage of this credit the item(s) must be installed and in service before January 1, 2012.
There is also a Residential Energy Efficient Property Credit that is equal to 30% of certain qualifying property such as geothermal heat pumps, wind turbines, fuel cells, solar electric systems, and solar hot water heaters. When figuring this credit the installation costs are, generally, included.
