Did you know you can get an Energy Tax Credit for making energy efficient improvements to your primary residence?
Section 1121 states:
The new law increases the energy tax credit for homeowners who make energy efficient improvements to their existing homes. The new law increases the credit rate to 30 percent of the cost of all qualifying improvements and raises the maximum credit limit to $1,500 for improvements placed in service in 2009 and 2010.
The credit applies to improvements such as adding insulation, energy efficient exterior windows and energy-efficient heating and air conditioning systems.
Section 1122 goes on to include solar water heaters, geothermal heat pumps and wind turbines as well.
What does this mean for you?
This means that if you are one of the many recent first time home buyers or one of the many existing home owners and you need to make some energy efficient improvements to your existing home, now is the time.
For example, if you need to replace your air conditioner, and the new unit qualifies for the tax credit, you can save up to $1500. Need new windows or insulation blown into the attic? You can get up to 30% of those costs back.
There are also many different tax credits and rebates offered by municipalities, utility companies, County and State Governments in your state. Here are some resources that will help you find those credits and rebates:
These energy improvements can greatly reduce your energy bills help the environment and increase the equity in your home. So, take advantage of these incentives before they expire on December 31, 2010.