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Home Energy Efficiency Tax Credits

February 13, 2007

The nation's new energy law, the Energy Policy Act of 2005, offers you federal tax credits to make energy-saving improvements to your home. These tax credits will help you lower your income taxes dollar-for-dollar. Consumers who purchase and install specific products, such as energy-efficient windows, insulation, doors, roofs, and heating and cooling equipment in the home can receive a tax credit of up to $500 beginning in January 2006.

The EPACT also provides a credit equal to 30% of qualifying expenditures for purchase for qualified photovoltaic property and for solar water heating property used exclusively for purposes other than heating swimming pools and hot tubs.   The credit shall not exceed $2000.

Improvements must be installed in or on the taxpayer?s principal residence in the United States.  Home improvement tax credits apply for improvements made between January 1, 2006 and December 31, 2007.

Making your home more energy efficient can help you get more value from your energy dollar. But did you know that making your home more energy efficient can also give you greater quiet, comfort, and a higher resale value? In addition to the tax credits already discussed, here are some ways utility companies can help (contact your local utility for details):

? Cash rebates and/or low-interest loans for purchasing energy-efficient appliances.
? Programs that cycle big, energy-using appliances like air conditioners on-and-off for certain period of time in exchange for a credit on your monthly bill.

Article courtesy of Edison Electric Institute and U.S. Dept. of Energy

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