Homeowners can get up to $1,500 maximum tax credit for energy efficient home improvement product expenditures. The tax credit is 30 percent of the cost of eligible products up to $5,000 total through 2010. The tax credit applies to products that make improvements to the building envelope, like adding insulation to attics, basements, crawl spaces, exterior walls and properly insulated HVAC systems, since those changes significantly impact energy efficiency.
While the tax incentive within the stimulus package may seem complex and daunting, one company, Owens Corning, has made it simple and painless to claim the insulation tax credit. Homeowners can check out InsulationTaxCredit.com to:
* Find insulation products that are eligible.
* Download the Manufacturer’s Certificate needed to claim the credit.
* Learn how much insulation should be added to areas of a home, see videos on how to install and get an estimate on how much can be saved in heating and cooling energy-related bills.
* Find local stores to find eligible products and a local professional to do the installation.
* Additional products that are eligible include windows and roofs that meet ENERGY STAR requirements.
There are approximately 80 million under-insulated homes in the United States and despite major strides in increasing energy efficiency; homes continue to be one of the largest users of energy, consuming more energy than industry or transportation. It is estimated that properly insulating homes can help owners save up to 20 percent on heating and cooling related energy bills. Tax credits aside, insulation pays for itself over time in energy not used.
“The expansion of federal income tax credits for homeowners will enable more consumers to afford energy efficiency upgrades that will lower their home energy bills — which we project to reach about $2,200 per U.S. household this year — while increasing the comfort and lowering the carbon footprint of their homes,” says Kateri Callahan, president of the Alliance to Save Energy.
According to a report from the researches at the McKinsey Global Institute, almost a quarter of possible greenhouse gas reductions would result from measures such as better insulation in buildings that carry no net life cycle cost — in effect, they pay for themselves. That means homeowners can lower their energy costs and qualify for federal tax credits while helping the environment, thanks to the American Recovery and Reinvestment Act of 2009.
“Homeowners can save twice with insulation — with up to 20 percent savings on their heating and cooling energy bills and a 30 percent tax credit,” says Gale Tedhams, director of sustainability, Owens Corning. “Thanks to the stimulus bill, homeowners have never had a better opportunity to make an immediate difference in the comfort and affordability of their home and help save the planet — and it is easy!”
If you haven’t started working with a Real Estate Agent and are thinking of buying or selling a home in Tampa Bay, please contact Rob Dandrea, Real Estate Professional with Charles Rutenberg Realty. 727-510-2100 RobDandrea.RealtyOffice@gmail.com
Courtesy of ARAcontent