Saturday, February 21, 2009

The Stimulus and Energy Tax Credits

Now this is better... 
I've been writing a bit about the Federal Energy Tax Credits and the incentives available to homeowners to improve the energy efficiency of their homes. This can be a real boost to our economy and to the Greening of America! You can find more information for specific elements (windows,insulation,HVAC etc.)here.
This is from the energystar.gov site:
How has the new Stimulus bill affected the tax credits for energy efficient home improvements?

On February 17, 2009, President Obama signed a stimulus bill (The American Recovery and Reinvestment Act of 2009) that made some significant changes to the energy efficiency tax credits. the highlights are:
           The tax credits that were previously effective for 2009, have been extended to 2010 as well.
           The tax credits has been raised from 10% to 30%.
           The tax credits that were for a specific dollar amount (ie: $300 for a CAC), have been converted to 30% of   the cost.
           The maximum credit has been raised from $500 to $1500 for the two years (2009-2010). However, some improvements such as geothermal heat pumps, solar water heaters, and solar panels are not subject to the $1500 maximum.
           The $200 cap on windows has been removed.