Home Maintenance

There are many home improvements for which one can get a tax write-off or credit, such as energy efficiency projects.* Energy efficiency products placed in service in 2009 will be eligible for a tax credit, up to $1500, if filed by April 15^th, 2010. The following are items that qualify to get a tax rebate or credit.

Windows, Storm Doors, and Skylights

Homeowners can get up to 30% credit of the cost of the windows. Labor costs are not included. Check with manufacturer to ensure that the windows and storm doors are rated energy efficient (Energy Star) to qualify. Principal residences can apply for the credit, but rental properties do not qualify. Windows can cost $200-$600 apiece, not including labor. Storm doors can cost $150-$300 apiece, not including labor. Skylights will cost $150-$300 per unit.

Insulation

Insulating one’s home is one of the most cost-effective ways to reduce your air conditioning and heating bills. The insulation must meet the International Energy Conservation Code (IECC) requirements. Buying insulation is relatively inexpensive—an attic can cost around $200 for materials. Installation can be expensive if you have someone blow it in. Consider insulating outside facing walls and crawl spaces. Insulation installation is not covered by the tax credit—just the insulation materials.

Heating, Venting, and Air Conditioning Systems (HVAC)

If your home has an older heating and cooling system, you might think about replacing it with a more energy-efficient unit. If the heating or cooling system qualifies, your system will qualify for the tax credit. Check with your heating and cooling contractor, because not all units qualify. If installing a split system, only units will a SEER (Seasonal Energy Efficiency Ratio) rating above 15, an HSPF (Heating Seasonal Performance Factor) rating above 8.5, and an EER (Energy Efficiency Ratio) rating above 12.5 will qualify. There are many benefits of installing a new heater or air conditioner, besides the tax credit, in that your utility bills should be much lower. These more efficient units could cut your electric or gas consumption by 10-15% annually. Also, installation costs can be applied to the tax credit.

Water Heaters

Water Heaters can utilize 15-25% of your utility bill. If your water heater is over 7 years old, consider replacing it with a more efficient model. The units that qualify have an energy factor over .82. Installation costs can be applied to the tax credit.

Solar Panels

These photovoltaic systems convert the sun’s energy into power. Thirty percent of the system cost up to $1500 can be taken as a tax credit. Also, many states are offering tax breaks on state taxes if homeowners install a solar panel solution. Use the internet to research whether your state is participating in a state tax rebate program.

Lastly, homeowners can purchase a fuel cell or geothermal heat pumps. These qualify for a tax credit, as well.

*We are neither accountants nor lawyers.  These items are our understanding but you should seek professional counsel before applying this advice to your own taxes.

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