Sally English Atlanta Real Estate: Energy Efficient Housing Tax Credits

Energy Efficient Housing Tax Credits

New Tax law last year gives a tax credit to homeowners who made energy efficient changes to their homes including

• Purchase of new energy efficient furnaces / AC
• Installation of new energy efficient windows
• Installation of new energy efficient insulation

Tax Credit can be applied in 2009 or 2010

• Who It Helps: Homeowners who invested in making their homes more energy-efficient in 2009 and 2010.
• How it helps: Offers them a 30 percent tax credit on qualifying purchases of energy-efficient furnaces, windows and insulation.

"To promote green jobs and energy independence, ARRA invests significantly in efforts to make homes and buildings more energy efficient.  The bill provides state and local governments with $6 billion in energy efficiency and conservation grants for energy audits, retrofits and financial incentives.  Through 2010, homeowners will be able to claim a 30% tax credit (up from 10%) for purchases of new furnaces, windows and insulation.  Another $5 billion will be available to modernize the nation's electricity grid and install smart meters on homes that help to save consumers money.  There is also $5 billion for weatherization assistance for low income households and $2 billion for federally assisted housing (section 8) efficiency efforts."

Ask your CPA or tax advisor for more details and how to qualify.