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Secure Your Home Improvement Tax Rebate!

By Dave Trosdahl on July 16th, 2009

By now, most homeowners have heard of all the tax rebates for various home improvement products and services, but not all are aware of how substantial they are. If you install a qualifying high efficiency furnace, you can save 30% of the bill! While there are some stipulations, a qualified heating and cooling contractor will easily be able to help you out. Here is a link to the federal website to help you get started: Federal Tax Credits For Energy Efficiency

Here are the federal guidelines:

  • must be “placed in service” from January 1, 2009 through December 31, 2010
  • must be for taxpayer’s principal residence, EXCEPT for geothermal heat pumps, solar water heaters, solar panels, and small wind energy systems (where second homes qualify)
  • $1,500 is the maximum total amount that can be claimed for all products placed in service in 2009 & 2010 for most home improvements, EXCEPT for geothermal heat pumps, solar water heaters, solar panels, fuel cells, and small wind energy systems which are not subject to this cap, and are in effect through 2016
  • must have a Manufacturer Certification Statement to qualify
  • for record keeping, save your receipts and the Manufacturer Certification Statement
  • improvements made in 2009 will be claimed on your 2009 taxes (filed by April 15, 2010) — use IRS Tax Form 5695 (2009 version) — it will be available late 2009 or early 2010
  • If you are building a new home, you can qualify for the tax credit for geothermal heat pumps, photovoltaics, solar water heaters, small wind energy systems and fuel cells, but not the tax credits for windows, doors, insulation, roofs, HVAC, or non-solar water heaters.
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One comment

  1. Nolan says:

    I think it is fantastic how the stimulus funds are making a difference. They are being taken advantage of all the time with the installation of geothermal heat pumps to replace high energy heating and cooling systems.

    July 22nd, 2009 at 4:55 pm

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