We all know that a house that is properly insulated is more comfortable to live in and can save money on the power bill. Now you can save not only on your power bills, but on your taxes by improving the insulation in your home with the Federal tax credit for energy efficiency.
This tax credit is only existing homes. If you are building a new home then you can not claim this tax credit. Be sure to research the products before you purchase them and check with your tax preparer to make sure you will be able to claim this tax credit. Also, be sure to keep your receipt and manufacturer certification statement.
You may be able to claim this tax credit if you improve the insulation of your home between January 1, 2009 and December 31, 2010. The insulation that you put into your home must meet the following requirements in order to qualify for the energy efficient tax credit.
• The insulation must meet the 2009 International Energy Conservation Code (IECC)
• You cannot include the cost of installation of the insulation.
• The primary purpose of the insulation must be to insulate your house from heat gain or loss.
• Exterior insulated siding does not qualify for the tax credit.
• Typical bulk insulation can qualify such as; batts, rolls, blow-in fibers, rigid boards, expanding spray and pour-in-place.
• If you use a product that is designed to create an air seal to reduce air leaks, that product can also qualify. This includes weather stripping, spray foam in a can and house wrap.
Be sure and check the R-Value recommended for the area you live. You can do that here. The R-Value is the measurement for the insulation's ability to resist heat traveling through it. Depending on the climate where you live will determine what the R-Values you need to use in your house is.
With this tax credit you may be able to claim 30% of the costs of the insulation up to the cap of $1,500 for both years for the tax credit. To learn more about ways to improve your house with products that qualify for the tax credit click here.
By insulating your house with the proper R-Value of insulation, you can save money on your power bills for years to come. Your house will be more comfortable to live in. Now for 2009 and 2010, you can also claim the Federal tax credit for energy efficiency on your taxes.
See how the homeowners benefit from the Federal Tax Credit for efficiently using energy.
Written by Denise Clay
Hickory, NC
Exclusive to HULIQ
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