An Overview of the Federal Energy Tax Credit
On November 11, 2011 the federal government officially extended the energy tax credit that was originally slated for expiration in 2010. This extension means that certain energy efficient home improvements implemented in 2011 are now eligible for the credit. Under the terms of the extension, homeowners can recoup up to thirty percent of the cost of these improvements. There is a cap, however, on the maximum credit that can be given. That cap is $1,500. There are also strict guidelines that must be met in order for an improvement to qualify as energy efficient. Examples of qualifying improvements include the installation of insulation, more efficient heating and cooling systems, energy efficient window and doors, and even certain alternative energy systems like heat pumps, wind turbines, and solar and geothermal systems. Up to ten percent of the cost of specific types of electric vehicles may also be recouped under the energy tax credit extension.
When you think about work that you can do to your home, you should consider working on things that are available for the energy tax credit. The federal government has decided to offer an incentive to homeowners for making their homes more energy efficient. This incorporates several different things including things such as doors, windows, roofs, and insulation. These are things that could have been on your home since it was built or at least the last thirty years with little to no changes and there are much more energy efficient options available. This energy tax credit is helpful because you are able to work on your home and get these things installed but then later you will get money back that you spent on these upgrades. These energy upgrades are ones that most people expect to see on a home now. They are not cheap things to get done so the tax credit is helpful in paying for it and also helpful because you do not have to worry about getting 100% return in your home’s value on what you spent.
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