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Energy Tax Credits Updated and Improved!
On October 3, 2008, President Bush signed into law the “Emergency Economic Stabilization Act of 2008” which extended tax credits for energy efficient home improvements (windows, doors, roofs, insulation, HVAC, and non-solar water heaters). Tax credits for these residential products, which had expired at the end of 2007, will now be available for improvements made during 2009. However, improvements made during 2008 are not eligible for a tax credit.

The bill also extended tax credits for solar energy systems and fuel cells to 2016. New tax credits were established for small wind energy systems and plug-in hybrid electric vehicles. Tax credits for builders of new energy efficient homes and tax deductions for owners and designers of energy efficient commercial buildings were also extended.

The tax credit for qualified photovoltaic systems is 30% of the cost of the system with no cap on the amount. (Previously, the cap had been $2000.) The tax credit for qualified solar water heating systems is also 30% of the cost of the system but the cap of $2000 remains in place.

There are several web sites with excellent and up-to-date information relating to the tax credits. Here are two you might find helpful: ENERGY STAR and Residential Energy Services Network.

The tax credits will reduce your tax bill dollar-for-dollar and are available whether or not you itemize. This can mean significant tax savings for a family.

Stitt Energy Systems, Inc. can help you incorporate these and many other energy saving features into your new home. You will save money on your taxes and every day you enjoy your comfortable, new home!