|
| |
|
|
|
Tax Credits for Energy Star Improvements
Tax credits can also provide significant savings to the homeowner.
Whilst a tax deduction for home improvements can reduce the amount of income on which tax is payable, a tax credit directly reduces the tax itself. Tax credits are available for many types of home improvements.  For example, installing insulation, adding energy-efficient windows, and some types of highly efficient equipment for cooling and heating, and solar water heating may all qualify for tax credits.
The IRS has many helpful publications to assist homeowners who are about to embark on home improvements so a visit to their website or calling into a branch office will usually provide the homeowner with a wealth of information.
And when you begin your home improvements remember to maintain accurate records of spending and save all receipts ... this will assist you enormously when the time comes to claim your home improvement tax deduction.
In order to be eligible for the tax credit, heating and cooling equipment must meet specified measures of energy efficiency. Individuals can search for qualifying products on the, Consortium for Energy Efficiency’s Web site.
Product
|
Placed in Service between
Jan. 1, 2009
and Feb. 17, 2009
|
Placed in Service between
Feb. 18, 2009 and Dec. 31, 2010
|
Notes
|
Exterior Windows (includes skylights and storm windows) and doors
|
-
Must meet the requirements for your region of the 2001 or 2004 International Energy Conservation Code, a model energy code for buildings. All ENERGY STAR windows qualify.
|
-
Must meet the requirements for your region of the 2001 or 2004 International Energy Conservation Code, a model energy code for buildings.
-
Must be equal to or below a U factor of .30 and SHGC of .30.
|
Only some Energy Star windows will qualify; however, for exterior windows and skylights purchased before June 1, 2009, the IRS and US Treasury announced grace period during which existing manufacturer certifications and Energy Star labels will be accepted. From June 1 onwards, the new, more stringent, criteria apply. See the IRS guidance and press release.
|
Insulation and roof
|
-
Insulation must meet the 2001 or 2004 International Energy Conservation Code.
-
Roofs must be metal roofs with pigmented coatings or asphalt roofs with cooling granules that meet ENERGY STAR requirements.
|
- Insulation must meet the 2009 International Energy Conservation Code.
- Roofs must be metal roofs with pigmented coatings or asphalt roofs with cooling granules that meet ENERGY STAR requirements.
|
Required insulation levels will vary by region and will include insulation that is already installed in your home.
|
Furnaces and Boilers
|
- Natural gas, propane, or oil furnaces and boilers must have at least a 95 percent annual fuel utilization efficiency (AFUE)
|
- Natural gas or propane furnaces must have at least a 95 percent AFUE
- Oil furnaces must have at least a 90 percent AFUE
- Natural gas, propane, or oil boilers must have at least a 90 percent AFUE
|
|
Water heaters
|
- Electric heat pump water heaters must have an Energy Factor (EF) of 2.0.
- Natural gas, propane, or oil water heaters must have an EF of at least .80 or a thermal efficiency rating of at least 90%
|
- Electric heat pump water heaters must have an EF of 2.0.
- Natural gas, propane, or oil water heaters must have an EF of at least .82 or a thermal efficiency rating of at least 90%.
|
- This is more than twice as efficient as the current federal standard. There is no credit for other kinds of electric water heaters.
- Only some tank less water heaters and “condensing” or other advanced water heaters currently reach this efficiency level.
|
Biomass stoves
|
- Biomass stoves for space or water heating can run on crops, wood, plants, etc., but must have a thermal efficiency rating of at least 75%.
|
- Biomass stoves for space or water heating can run on crops, wood, plants, etc., but must have a thermal efficiency rating using a lower heating value of at least 75%.
|
|
Currently, the criteria for Energy Star geothermal heat pumps are: for a closed-loop system, 14.1 EER and a coefficient of performance (COP) of at least 3.3. For an open-loop system, 16.2 EER and 3.6 COP. For a direct expansion system, 15 EER and 3.5 COP. In addition, the geothermal heat pumps must include a desuperheater, which helps heat water, or an integrated water heating system. Read More Here Previous Page | Next Page
Comment By HWA
- Read more...
More than 70% of the energy used in our homes is for appliances, refrigeration, space heating, cooling, and water heating.
Replacing old appliances and equipment with those that are ENERGY STAR labeled can help American families save significantly on their utility bills. Each state and territory has selected its own set of ENERGY STAR qualified products to rebate, based on this DOE list of recommended appliances:
- Boilers
- Central air conditioners
- Clothes washers
- Dishwashers
- Freezers
- Furnaces (oil and gas)
- Heat pumps (air source and geothermal)
- Refrigerators
- Room air conditioners
- Water heaters
To encourage customers to buy energy efficient products, ENERGY STAR partners occasionally sponsor special offers, such as sales tax exemptions or credits, or rebates on qualified products. Here is a list of different products you might consider swapping out for ENERGY STAR products in order to earn a rebate in your specific region:
ENERGY STAR Clothes Washer:
- Use about 30% less energy
- Use over 50% less water than regular washers
- Have a greater capacity than conventional models, meaning fewer loads of laundry.
- Cut energy costs by more than a third
- Cut water costs by more than half
- Save $135 each year on utility bills
ENERGY STAR Dishwasher:
- Use about 8 gallons less water per wash
- Use less energy to combat global warming
- Save an extra $40 on utility bills compared to regular dishwasher
ENERGY STAR Refrigerators:
- 20% more energy efficient
- Cut your energy bills by $165 over the lifetime of your fridge
ENERGY STAR Freezers:
- Use 10% less energy
- Save an extra $35 a year on energy bills
ENERGY STAR Room Air Conditioners:
- Use 10% less energy
- If every room air conditioner sold were ENERGY STAR qualified, it would prevent 800 million pounds of greenhouse gas emissions annually, equivalent to the emissions of more than 66,000 cars. WOW!
ENERGY STAR Solar Water Heaters:
- Cut energy bills in half
ENERGY STAR appliances help save the environment. Nearly 70 percent of U.S. electricity is generated by burning coal and natural gas, which releases greenhouse gasses into the atmosphere and causes global warming. ENERGY STAR qualified appliances use less energy than conventional models, and help protect our lakes, streams and oceans.
Visit Energystar.gov to find out more about the rebate program in your state and reduce your carbon footprint. You must be logged in to post a comment. You can login here | |
|
|
| |
|
|