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How has the new Stimulus bill affected the tax credits for energy efficient home improvements?
On February 17, 2009, President Obama signed a stimulus bill (The American Recovery and Reinvestment Act of 2009) that made some significant changes to the energy efficiency tax credits. The highlights are:
- The tax credits that were previously effective for 2009, have been extended to 2010 as well.
- The tax credit has been raised from 10% to 30%.
- The tax credits that were for a specific dollar amount (ex $300 for a CAC), have been converted to 30% of the cost.
- The maximum credit has been raised from $500 to $1500 for the two years (2009–2010). However, some improvements such as geothermal heat pumps, solar water heaters, and solar panels are not subject to the $1,500 maximum.
- The $200 cap on windows has been removed.
What common home energy improvement projects are eligible for tax credits?
Tax credits are available at 30% of the cost, up to $1,500 total, in 2009 & 2010 (for existing homes only) for:
- Windows and Doors
- Insulation
- Roofs (Metal and Asphalt)
- HVAC
- Water Heaters (non-solar)
- Biomass Stoves
The above information was pulled from www.energystar.gov. For more specific information and additional facts visit the website.
What products are covered by the tax credit in 2009 and 2010? Click here for answer.
Are installation costs covered by the tax credits? Click here for answer.
Welcome to our frequently asked questions page for the American Recovery and Reinvestment Act of 2009. If you have a question about an item listed here, drop as a line at: inquiry@newbuffaloimpact.com and we'll get back to you as soon as possible.
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New Buffalo Impact 34 Peuquet Pkwy Tonawanda, NY 14150 (716) 881-1477 (716) 694-8109 fax inquiry@newbuffaloimpact.com
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