Stimulus Package – Federal Tax Credits
The recent Stimulus Package has created some significant Federal Tax Credits for home owners looking to make energy efficient home improvements. I thought I’d take the time to summarize some of those Federal Tax Credits that apply to “Green” home improvements. You can find a detailed list of the new Tax Credits on the Energy Star website.
The new Tax Credits involve both new construction and renovations to existing construction. The Tax Credits for renovating existing homes are in effect until December 31, 2010 and they include:
Existing Home Tax Credits
The existing home tax credits are good for 30% of the cost up to a maximum credit fo $1,500.
- Biomass Stoves
- Non Solar Hot Water Heaters
- HVAC Equipment
- Roofing Products
Existing and New Home Tax Credits
These Tax Credits are really good! You get 30% of the cost with no maximum and they are in effect until the end of the year 2016! They include:
- Fuel Cells
- Small Wind Energy Systems
- Solar Water Heaters
- Solar Panels
- Geothermal Heat Pumps
These new stimulus package tax credits make it a great time to consider some really great energy efficient home improvements like solar power and geothermal heat pumps! My hope is that subsidies like this will drive up demand which should bring pricing down and improve the availability of these green home improvement options.