Home improvement projects have been very popular over the past couple years and a special emphasis has been placed on those improvements that also increase the energy efficiency of the home. The federal government has been offering tax credits on many of these improvement projects, but if you don’t act by the end of this year, you could miss out on savings for some of the most popular green improvements. Unless you are looking to install a geothermal heat pump, a wind turbine, a solar energy system or a fuel cell, your time is almost up! Don’t miss out on these savings, and call a local contractor today!
Tax Credits that Expire December 31st 2011:
- HVAC System Replacement: Old, inefficient heating and cooling systems are a major source of energy waste in the home. Replacing a furnace with a 95% AFUE rated unit will get you $150 back, and replacing an air conditioner with a 16 SEER rated system will get your $300 back.
- Insulation: Adding insulation to your home will not only increase your savings but it will also increase your comfort. As an added bonus, you will get back 10% of the cost up to $500!
- Windows and Doors: Replace doors and get !0% of the cost back up to $500, or replace your windows and get 10% of the cost back up to $200.
- Non-Solar Water Heaters: Cold showers are no way to start your day! Replace that old broken down water heater with an energy efficient version and get $300 back!
Tax Credits that Expire December 31st 2016:
- Geothermal Heat Pumps: Installation of a geothermal heat pump involves installing a large loop system deep into the ground. The unit will use the earth as its heat source and it among the most energy efficient systems you could install in your home. 30% of the installation costs will be returned in the form of a tax credit if you have a system like this install in your home.
- Small Wind Turbines: Wind turbines convert wind into electricity for your home. Installation of one of these systems will also earn you a 30% return as a tax credit.
- Solar Energy Systems: Many homeowners across the nation have already begun installing solar panels on the roofs of their homes. If you are considering the installation of any type of solar system, it must meet certain requirements to qualify for the credit.
All of these tax credits have specific requirements that must be met in order to receive the money back. Get a closer look at the requirements on the Energy Star website, and if you are considering making one of the improvements that expire at the end of this year, now is the time to act. Don’t wait until the year is up to find that you missed out on a substantial return.