Just a reminder to homeowners and soon-to-be homeowners with home improvement projects on their list, the Federal Energy Tax Credit will run out at the end of this year. Someone told me today that it was 6 weeks until Christmas (sorry!) so that means you only have about 7 weeks left to take advantage of this tax credit.
Installation of new energy-efficiant Biomass Stoves, Heating, Ventilation and Air Conditioning Equipment, Insulation, Roofs, Water Heaters, Windows and Doors may qualify homeowners for a tax credit of up to $1500.00. The following conditions apply:
- The tax credit is for up to 30% of the total cost, with a limit of $1500.00;
- Installation must be on your principal residence; and
- The installation must be complete by December 31, 2010 - this means that the product must be installed and running by this date.
Also, note that not all items listed in the above categories will qualify for the tax credit. Also, note that taxpayers can only claim a maximum of $1500.00, regardless of how many different energy-efficient products they have installed. Visit the Energy Star website to find out more details about what will qualify and more information about the energy tax credit.
Remember, not only can you qualify for a tax credit, these items will save you money on your energy bills and they are also a good investment in your home when it comes to re-sale value. It sounds to me like it is a win-win situation if you have it in your budget to do any of these improvements.
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Christine Smith is an Attorney and Exclusive Buyer Agent with over 25 years of experience in the real estate field.
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