Get Credit Where Credit's Due
(HIT) - Planning any home improvements in 2007? If they’re of the energy-saving type, you could be eligible for a tax credit from the federal government, according to Edison Electric Institute. The Energy Policy Act, passed in 2005, offers a number of valuable tax credits on energy-saving appliances and materials for the home, including:
- Air Conditioning Systems—$300
- Geothermal Heat Pumps—$300
- Furnaces—$150
- Water Heaters—$300
- Building Materials (insulation, weatherstripping)–10 percent of cost, up to $500
- Windows—$200/Doors—$500
- Air Circulating Fan—$50
Tax credits are also being offered on solar photovoltaic and solar thermal systems (30 percent of cost, up to $2000 on each). Note that the maximum tax credit you can receive for all measures is $500, and that all the tax credits expire on January 1, 2008. To find out all the details about energy efficiency tax credits, please visit www.energytaxincentives.org.
For a free booklet, "More than 100 Ways to Improve Your Electric Bill", as well as information about making your entire home more energy efficient, please visit www.eei.org/wiseuse.
Courtesy: Home Improvement News and Information Center
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