- Improves the value of your home
- Saves you money on your utility bills
- Helps the environment
- Tax Credit
Beginning in 2006 the IRS has offered tax credits for installing energy saving improvements to your home. Some of the items include:
- Insulation
- Exterior windows
- exterior doors
- Water heaters Heat pumps
- Central air conditioners
- Furnaces
- Sky Lights
- And Many More can be found on the EnergyStar website
The tax credit for home improvement purchases is limited to $500 for the years 2006 and 2007. The $500 limit applies to the total credit you can claim for both years combined. A maximum of $200 of your $500 total limit can be used for purchasing windows.
Solar Panels for hot water heating can also bring you a large tax credit. Taxpayers are allowed one credit equal to 30 percent of the qualified investment in a solar panel up to a maximum credit of $2,000, and another equivalent credit for investing in a solar water heating system. No part of either system can be used to heat a pool or hot tub.
If you have installed any of these items and need help figuring out how to get the tax credit, please do not hesitate to call me to set up a tax appointment.
