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As a result of the Obama American Recovery and Reinvestment Act there are new tax credits for homeowners who are either building new or improving existing homes when they use energy-efficient systems and materials.
If you are improving your home during the years 2009 and 2010, you can deduct 30% of your cost up to $1500 over these two years. The credits include
- new energy-efficient doors and windows,
- improved insulation,
- new asphalt or metal roofs,
- HAVC systems (systems which diffuse conditioned air: for heating, ventilation, and air conditioning),
biomass stoves, and - energy efficient water heaters.
To qualify, the products purchased must be installed and usable, not just bought, within the period between January 1, 2009, and December 31, 2010; and the improvements must be done to your primary residence. The products purchased must also have a Manufacturer Certified Statement. Save this and your receipts. You can claim your tax credit on your 2009-10 Income Tax Return on Tax Form 569 which is available at www.irs.gov. This available tax credit extends through 2016 as well, with no tax cap after 2010. Howerer, none of the above qualifies for tax credit if your are constructing a new home.
But, new construction homes do qualify for the same tax credits. The energy products which qualify include
- geothermal heat pumps,
- solar panels,
- solar water heaters,
- small wind energy systems, or
- fuels cells.
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