Federal Tax Credits For Energy Efficiency For 2009 & 2010

The Federal tax credit will allow homeowners to reduce their taxes owed by 30% of the cost of the qualifying product for a maximum total of $1,500 for 2009 and 2010 combined. This tax credit is only for existing homes and the credit must be reported the year the product is put into service.

As always it is advisable to consult a tax preparer before purchasing one of these items to make sure you can count this credit. You will also need to keep the receipt, the manufacturer certification statement and some times the Energy Star label.

Here is the list of energy efficient products that qualify for the tax credit in 2009 and 2010 for existing homes. Each product has individual requirements that must be meet.

• Insulation
• Windows and Doors
• Roofing
• Heating and Air Systems
• Water Heaters
• Biomass Stoves

There are some items that are energy efficient and will help reduce your power bill that do not qualify for this Federal tax credit. These items include: ceiling fans, energy-saving appliances and programmable thermostats.

In order to be ale to claim this tax credit, the product must be a qualifying product. It also must be placed in service between January 1, 2009 and December 31, 2010. Installation and labor are not usually allowed as part of the costs for this tax credit. By updating and improving your home, you can save on your power bill and on your taxes with the Federal tax credit for energy efficiency products.

See how the homeowners benefit from the Federal Tax Credit for efficiently using energy.

Written by Denise Clay
Hickory, NC
Exclusive to HULIQ