Federal Tax Benefits for Energy Efficiency Renovations abailable for 2009

By Robert Robillard on Uncategorized

Image: mediabistro.com

New Tax Credits NOW AN OPTION for 2009 Renovations
Several people have been asking me about the renovation tax credit so I decided to re-post this again.
On October 3, 2008, President Bush signed into law the “Emergency Economic Stabilization Act of 2008.” This bill extended tax credits for energy efficient home improvements (windows, doors, roofs, insulation, HVAC, and non-solar water heaters).

Residential / Home improvement tax credits are available for home improvements placed into service from January 1, 2009 through December 31, 2009. Any qualified home improvements made in 2008 are not eligible for the tax credit.

Home improvement tax credits are available for insulation, replacement windows, non-solar water heaters, and certain high efficiency heating and cooling equipment.

The bill also extended tax credits for solar energy systems and fuel cells to 2016. New tax credits were established for small wind energy systems and plug-in hybrid electric vehicles. Tax credits for builders of new energy efficient homes and tax deductions for owners and designers of energy efficient commercial buildings were also extended.

See chart. The maximum amount that a taxpayer may claim from all of these tax credits combined is $500 over the lifetime of the tax credit (2006, 2007 & 2009).
If you are building a new home, you do not qualify for the tax credits for “eligible building envelope components” (windows, doors, insulation, roofs) or “qualified energy property” (HVAC & non-solar water heaters).

However, the tax credit for photovoltaics, solar water heaters, small wind systems and fuel cells is available for homeowners building new homes. Read More.

The Internal Revenue Service (IRS) guidance for consumers: IRS Notice 2006-26 .

Source: energystar.gov

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About the author

Robert Robillard

Carpenter / Remodeler / Editor

Rob Robillard is “The Concord Carpenter” Rob is a builder, general contractor, carpenter, woodworker, and editor of Concord Carpenter and ToolBoxBuzz As a General Contractor and carpenter, Rob owns and operates Concord Carpenter LLC. A full-service remodeling and construction company. Rob is a recognized leader in home building best practices and a source for how-to information for building professionals. On this website, Rob covers all aspects of home construction, building science, home improvement, woodworking, remodeling, and some of the best product and tool reviews. Rob is in charge of our Tool and Product Review series - Concord Carpenter Videos where we post all of our tool reviews and video tutorials. Rob approaches remodeling and building construction with a pragmatic and problem-solving approach. He enjoys using his knowledge and experience to help and educate building professionals as well as DIYers on best practices in the construction and remodeling industry. He's a strong advocate for "raising the bar" in the construction trades and promoting the trades to youth. #BeAMentor #Green2Great Craftsmanship, quality, and pride guide his journey on this channel The Concord Carpenter's motto: "Well done is better than well said!" : Read more about Rob If you have a building or remodeling question you can have rob respond to your answer via video. Click here for more information. https://jointruly.com/robillard Invite code: x22r2

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