Time is running out
on a federal tax credit that you could save you money on
energy-efficient home improvements. Homeowners have until December 31,
2010 to buy qualifying items such as HVAC systems, water heaters,
insulation, roofing, biomass stoves, windows and doors.
“If you’ve been putting off replacing your old heating and cooling
system, for example, you should act before the end of the year,” says
Angie Hicks, founder of Angie’s List, the nation’s leader in
consumer reviews on local service companies. “A more
energy-efficient model may cost more up front than a less efficient
model, but you can recoup 30 percent of the cost through this tax
credit, as well as the long term savings you’ll see in your energy
bills.”
The credit is 30 percent of the cost of qualifying energy-efficient home
improvements, up to a maximum credit of $1,500 for 2009 and 2010
combined. A tax credit is a dollar for dollar reduction on the amount of
tax you owe.
“It’s important for homeowners to research the credits for home
improvement products before buying,” adds Hicks. “Each item has its own
requirements in order to qualify. For example, materials and labor are
included in the tax credit for a biomass stove, but for insulation, its
materials only. And new construction and rentals are not eligible for
the credit”
Hicks also advises homeowners owners to save receipts and the signed
statement from the manufacturer certifying the product qualifies for the
tax credit with your records for tax time.
7 Money Saving Tax Credits:
HVAC
Systems: Heating and
cooling account for more than half the energy used in a typical
home. If your heating or cooling unit is more than 10 years old, and
you have had substantial repair costs, it may be a good time to
think about replacing.
Biomass Stoves:
Biomass stoves burn renewable sources to heat a home or heat water.
The stoves burn pellets made from wood, corn, straw and other
agricultural resources. Many new stoves come with EPA-approved
standards that burn off most of the polluting gases and increase
your stove’s efficiency by as much as 10 percent.
Insulation: A home
should we well-insulated, from the roof to its foundation. If not,
it could easily lose nearly half of its heating and cooling energy.
How to tell if you need insulation? Look in your attic for exposed
2-by-4’s. For the walls, find a spot, preferably in the closet where
it’s not seen, and make a small puncture hole with a wire. You
should feel resistance and insulation. It’s a good idea to have an
energy audit done to determine areas in need of insulation.
Water
Heaters: Water
heating can account for up to a quarter of the energy consumed in
your home. Maintained properly, water heaters will last for years
and deliver gallon after gallon of hot water. But if your water
heater is more than ten years old, it’s probably operating at less
than 50 percent of its efficiency.
Roofing: Industry experts say qualified roof products reflect more of the
sun’s rays; lowering the roof surface temperature by up to 100F,
thus decreasing the amount of heat transferred you’re your home.
Curling, crackling and blistering of the shingles and/or a leaky
roof are indicators that you need a new roof.
Windows: By replacing your windows you can expect a return on your investment
of at least 80 percent. If you notice condensation and drafts on and
around your windows, or rotting or warping frames, you might be in
need of an upgrade.
Doors: The front door is a great way to increase curb appeal, and today’s
styles are more energy efficient. If your door is 15 years or older,
splitting, or cracking – then it’s likely time to replace.
Disclaimer: The Google Translation that has been added to
pages within the Pendleton-Gazette was done solely as a tool to help those who
speak other languages. It is not guaranteed to be 100% full prove (accurate)
when a translation is performed because of sentence structures in languages
other than English do vary.
