Energy Efficiency Improvements: Clocking Running Out For 2009
If you’ve been contemplating decreasing your home energy costs, you’ve only got until December 31st to meet the 2009 deadline for the energy efficiency improvements eligible for tax credit under the American Recovery and Reinvestment Act (“the stimulus package”). The stimulus package authorizes a whopping 30% write-off on eligible improvements (up to $1,500 combined for almost all improvements—with some important exceptions). So what qualifies? Here’s a list:
- Insulation, so long as it meets the 2009 IECC guidelines. (30% credit with a $1,500 ceiling)
- Doors and windows, including skylights and storm windows and doors. (30% credit with a $1,500 ceiling)
- Roofing, both metal and asphalt, so long as they’re Energy Star® qualified. (30% credit with a $1,500 ceiling)
- Heating and cooling (HVAC) of nearly every type, including replacement of the main air circulating fan to one that uses no more than 2% of total furnace energy use. (30% credit with a $1,500 ceiling)
- Water heaters with an Energy Factor greater than or equal to 0.82 or that is 90% efficient. (30% credit with a $1,500 ceiling)
- Heat pumps that meet Energy Star® qualifications. (30% credit with a $1,500 ceiling)
- Biomass Stoves (i.e. a wood burning , pellet, or “corn burning” stove) with a thermal efficiency of at least 75%. (30% credit with a $1,500 ceiling)
- Geothermal Heat Pumps that meet Energy Star® criteria. (30% of the cost, no ceiling)
- Solar Hot Water Systems that are Energy Star® rated, with the restriction that 50% of the hot water generated used must be generated by the installed system. The installed system must be certified by the Solar Rating and Certification Corporation (SRCC), and must be placed “in service” before December 31, 2016. (30% of the cost, no ceiling)
- Photovoltaic Systems for residential use. Must be placed “in service” before December 31, 2016. (30% of the cost, no ceiling)
- Residential Wind Energy Systems that have a “nameplate capacity” of not more than 100 kw. Must be placed “in service” before December 31, 2016. (30% of the cost, no ceiling)
- Fuel Cells for residential use. Must have an efficiency of at least 30% and a capacity of at least ½kw. Must be placed “in service” before December 31, 2016. (30% of the cost, up to $500 per ½kw of power capacity)
Visit EnergyStar.gov for complete information about the Federal Tax Credits for Energy Efficiency program. The site has FAQs on all the above programs as well as links to tax forms, IRS notices, and the Tax Incentives Assistance Project (TIAP), an organization dedicated to making government policies such as the Federal Tax Credits for Energy Efficiency comprehensible and accessible to us normal people.
If you need any assistance with your energy efficiency improvement project(s), don’t hesitate to contact us.
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