Weatherproofing Tax Credit
February 3rd, 2010 | 
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There is a federal tax credit for weatherproofing your home. This tax credit is part of the Federal Stimulus Package; the government is doing this to help people make their homes more efficient. There are some limitations to the credit, which will be discussed in the following paragraphs.
To begin with, the maximum tax credit you can receive is $1,500. This amount covers a portion of the purchase price and in some cases the installation costs on the approved items. These items must be put into currently occupied homes between 1/1/2009 and 12/31/2010; new construction does not qualify for the credit. Another important note about the $1,500 maximum tax credit is it is spread out over the two years. You cannot receive the $1,500 credit in 2009 and 2010. You can only receive a total of up to $1,500 over the period of two years. Also, two people living in the same house filing taxes separately cannot try and claim the tax credit—it is one tax credit per household as well as one per person.
Thirty percent of the purchase price will be covered for windows and doors, insulation, and roofing. All Energy Star windows and doors installed prior to 6/1/2009 qualified for the tax credit, however those installed after have some different guidelines to go by to be eligible for the tax credit. Most of the types of bulk insulation such as the kind that is blown in or the kind that comes in rolls will qualify, along with air-leak sealants such as caulking and weather-stripping. Finally, all Energy Star certified metal roofs and reflective asphalt shingles will qualify, but they have to have a manufacturer’s certification statement for you to get the credit.
There are some items in which the tax credit applies to both the purchase price and the installation costs, however they still have to meet certain requirements to be eligible. Non-solar water heaters qualify for the purchase price and installation price credit. However, gas, oil, propane-fired, and electric heat pump units must meet a certain energy factor. Central air conditioners, air-source heat pumps, furnaces, and boilers also qualify for this credit; they, too, must meet specific efficiency criteria, which differs on the system and fuel type being used.
To apply for this tax credit you must fill out the 2009 IRS form 5695 and file it with your 2009 taxes. You may only file for this credit on your 2009 taxes if the qualifying item was purchased in 2009. If it has been purchased in 2010 you will have to wait until you file your 2010 taxes to apply for the credit. Also, when you buy these items keep your receipts and manufacturer’s certification statements for filing with your taxes. You should take advantage of this tax credit because it is a good opportunity to save money and help out the environment.
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Posted in Tax Credits, Weather-Proofing | 
Tags: Energy Star, Federal Stimulus Package, Tax Credit, weatherproofing
