Tax Credits may be available for certain home improvements. The following government website provides very specific guidance: http://www.energystar.gov/index.cfm?c=products.pr_tax_credits.
- It’s a tax credit rather than a discount or rebate, at least on the federal level. This may limit who can take advantage of it.
- It’s a 30% discount up to $1500, subject to these caveats:
- $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 small wind energy systems 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 Statement 3.
- 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.