Tweet
UPDATED March 6, 2009
Federal Tax Credits for Energy Efficiency includes:
* Tax Credits for Consumers
o Tax credits are available at 30% of the cost, up to $1,500, in 2009 & 2010 (for existing homes only) for:
+ Windows and Doors
+ Insulation
+ Roofs (Metal and Asphalt)
+ HVAC
+ Water Heaters (non-solar)
+ Biomass Stoves
o Tax credits are available at 30% of the cost, with no upper limit through 2016 (for existing homes & new construction) for:
+ Geothermal Heat Pumps
+ Solar Panels
+ Solar Water Heaters
+ Small Wind Energy Systems
+ Fuel Cells
* Cars
* Tax Credits for Home Builders
* Tax Deductions for Commercial Buildings
* For More Information
Tax Credits for Consumers:
Home Improvements
Tax credits are now available for home improvements:
* must be "placed in service" from January 1, 2009 through December 31, 2010
* must be for taxpayer's principal residence
* $1,500 is the maximum total amount that can be claimed for all products placed in service in 2009 & 2010 for most home improvements, EXCEPT for geothermal heat pumps, solar water heaters, solar panels, fuel cells, and windmills which are not subject to this cap, and are in effect through 2016
* must have a Manufacturer Certification Statement3 to qualify
* for record keeping, save your receipts and the Manufacturer Certification Statement3
* improvements made in 2009 will be claimed on your 2009 taxes (filed by April 15, 2010) — use IRS Tax Form 5695 (2009 version) — it will be available late 2009 or early 2010
* If you are building a new home, you can qualify for the tax credit for geothermal heat pumps, photovoltaics, solar water heaters, small wind systems and fuel cells, but not the tax credits for windows, doors, insulation, roofs, HVAC, or non-solar water heaters. More.
Efficient Cars
Starting January 1, 2009, there is a new tax credit for Plug-in hybrid electric vehicles, starting at $2,500 and capped at $7,500 for cars and trucks (the credit is based on the capacity of the battery system). The first 250,000 vehicles sold get the full tax credit (then it phases out like the hybrid vehicle tax credits).
Tax credits are available to buyers of hybrid gasoline-electric, diesel, battery-electric, alternative fuel, and fuel cell vehicles. The tax credit amount is based on a formula determined by vehicle weight, technology, and fuel economy compared to base year models. These credits are available for vehicles placed in service starting January 1, 2006. For hybrid and diesel vehicles made by each manufacturer, the credit will be phased out over 15 months starting after that manufacturer has sold 60,000 eligible vehicles. For vehicles made by manufacturers that have not reached the end of the phase-out, the credits will end for vehicles placed in service after December 31, 2010. See the IRS Website for updated information Exit ENERGY STAR.
Tax Credits for Home Builders:
Eligible contractors need to fill out IRS Form 8908 PDF Exit ENERGY STAR to get the tax credit. The IRS has provided the following guidance regarding the tax credits for constructing energy efficient new homes available under the Energy Policy Act of 2005:
* IRS Notice 2006–27 PDF Exit ENERGY STAR provides guidance for the credit for building energy efficient homes other than manufactured homes.
* IRS Notice 2006–28 PDF Exit ENERGY STAR provides guidance for the credit for building energy efficient manufactured homes.
Home builders are eligible for a $2,000 tax credit for a new energy efficient home that achieves 50% energy savings for heating and cooling over the 2004 International Energy Conservation Code (IECC) and supplements. At least 1/5 of the energy savings must come from building envelope improvements. This credit also applies to contractors of manufactured homes conforming to Federal Manufactured Home Construction and Safety Standards.
There is also a $1,000 tax credit to the producer of a new manufactured home achieving 30% energy savings for heating and cooling over the 2004 IECC and supplements (at least 1/3 of the savings must come from building envelope improvements), or a manufactured home meeting the requirements established by EPA under the ENERGY STAR program.
These tax credits apply to new homes located in the United States whose construction is substantially completed after August 8, 2005 and that are acquired from the eligible contractor for use as a residence from January 1, 2006 through December 31, 2009.
Tax Deductions for Commercial Buildings:
A tax deduction of up to $1.80 per square foot is available to owners or designers of new or existing commercial buildings that save at least 50% of the heating and cooling energy of a building that meets ASHRAE Standard 90.1-2001. Partial deductions of up to $.60 per square foot can be taken for measures affecting any one of three building systems: the building envelope, lighting, or heating and cooling systems. These tax deductions are available for systems “placed in service” from January 1, 2006 through December 31, 2013.
Take the ENERGY STAR Challenge to find the best opportunities for energy savings, set goals for improvement, and achieve superior energy efficiency.
* IRS Notice 2006-52 (6/2/2006) Exit ENERGY STAR provides guidance on deduction for energy efficient commercial buildings.
* IRS Notice 2008-40 (4/7/2008) - Amplification of Notice 2006-52 Exit ENERGY STAR
* Qualified Software for Calculating Energy Savings Exit ENERGY STAR
* Commercial Building Tax Deduction Coalition Exit ENERGY STAR
For more information visit: Fueleconomy.gov Exit ENERGY STAR
Federal Tax Credits for Energy Efficiency : ENERGY STAR
Federal Tax Credits for Energy Efficiency includes:
* Tax Credits for Consumers
o Tax credits are available at 30% of the cost, up to $1,500, in 2009 & 2010 (for existing homes only) for:
+ Windows and Doors
+ Insulation
+ Roofs (Metal and Asphalt)
+ HVAC
+ Water Heaters (non-solar)
+ Biomass Stoves
o Tax credits are available at 30% of the cost, with no upper limit through 2016 (for existing homes & new construction) for:
+ Geothermal Heat Pumps
+ Solar Panels
+ Solar Water Heaters
+ Small Wind Energy Systems
+ Fuel Cells
* Cars
* Tax Credits for Home Builders
* Tax Deductions for Commercial Buildings
* For More Information
Tax Credits for Consumers:
Home Improvements
Tax credits are now available for home improvements:
* must be "placed in service" from January 1, 2009 through December 31, 2010
* must be for taxpayer's principal residence
* $1,500 is the maximum total amount that can be claimed for all products placed in service in 2009 & 2010 for most home improvements, EXCEPT for geothermal heat pumps, solar water heaters, solar panels, fuel cells, and windmills which are not subject to this cap, and are in effect through 2016
* must have a Manufacturer Certification Statement3 to qualify
* for record keeping, save your receipts and the Manufacturer Certification Statement3
* improvements made in 2009 will be claimed on your 2009 taxes (filed by April 15, 2010) — use IRS Tax Form 5695 (2009 version) — it will be available late 2009 or early 2010
* If you are building a new home, you can qualify for the tax credit for geothermal heat pumps, photovoltaics, solar water heaters, small wind systems and fuel cells, but not the tax credits for windows, doors, insulation, roofs, HVAC, or non-solar water heaters. More.
Efficient Cars
Starting January 1, 2009, there is a new tax credit for Plug-in hybrid electric vehicles, starting at $2,500 and capped at $7,500 for cars and trucks (the credit is based on the capacity of the battery system). The first 250,000 vehicles sold get the full tax credit (then it phases out like the hybrid vehicle tax credits).
Tax credits are available to buyers of hybrid gasoline-electric, diesel, battery-electric, alternative fuel, and fuel cell vehicles. The tax credit amount is based on a formula determined by vehicle weight, technology, and fuel economy compared to base year models. These credits are available for vehicles placed in service starting January 1, 2006. For hybrid and diesel vehicles made by each manufacturer, the credit will be phased out over 15 months starting after that manufacturer has sold 60,000 eligible vehicles. For vehicles made by manufacturers that have not reached the end of the phase-out, the credits will end for vehicles placed in service after December 31, 2010. See the IRS Website for updated information Exit ENERGY STAR.
Tax Credits for Home Builders:
Eligible contractors need to fill out IRS Form 8908 PDF Exit ENERGY STAR to get the tax credit. The IRS has provided the following guidance regarding the tax credits for constructing energy efficient new homes available under the Energy Policy Act of 2005:
* IRS Notice 2006–27 PDF Exit ENERGY STAR provides guidance for the credit for building energy efficient homes other than manufactured homes.
* IRS Notice 2006–28 PDF Exit ENERGY STAR provides guidance for the credit for building energy efficient manufactured homes.
Home builders are eligible for a $2,000 tax credit for a new energy efficient home that achieves 50% energy savings for heating and cooling over the 2004 International Energy Conservation Code (IECC) and supplements. At least 1/5 of the energy savings must come from building envelope improvements. This credit also applies to contractors of manufactured homes conforming to Federal Manufactured Home Construction and Safety Standards.
There is also a $1,000 tax credit to the producer of a new manufactured home achieving 30% energy savings for heating and cooling over the 2004 IECC and supplements (at least 1/3 of the savings must come from building envelope improvements), or a manufactured home meeting the requirements established by EPA under the ENERGY STAR program.
These tax credits apply to new homes located in the United States whose construction is substantially completed after August 8, 2005 and that are acquired from the eligible contractor for use as a residence from January 1, 2006 through December 31, 2009.
Tax Deductions for Commercial Buildings:
A tax deduction of up to $1.80 per square foot is available to owners or designers of new or existing commercial buildings that save at least 50% of the heating and cooling energy of a building that meets ASHRAE Standard 90.1-2001. Partial deductions of up to $.60 per square foot can be taken for measures affecting any one of three building systems: the building envelope, lighting, or heating and cooling systems. These tax deductions are available for systems “placed in service” from January 1, 2006 through December 31, 2013.
Take the ENERGY STAR Challenge to find the best opportunities for energy savings, set goals for improvement, and achieve superior energy efficiency.
* IRS Notice 2006-52 (6/2/2006) Exit ENERGY STAR provides guidance on deduction for energy efficient commercial buildings.
* IRS Notice 2008-40 (4/7/2008) - Amplification of Notice 2006-52 Exit ENERGY STAR
* Qualified Software for Calculating Energy Savings Exit ENERGY STAR
* Commercial Building Tax Deduction Coalition Exit ENERGY STAR
For more information visit: Fueleconomy.gov Exit ENERGY STAR
Federal Tax Credits for Energy Efficiency : ENERGY STAR
Comment