Energy Efficiency Tax Credits
(HIT) - The nation's new energy law offers you federal tax credits to make energy-saving improvements to your home, according to the Edison Electric Institute. These tax credits will help you lower your income taxes dollar-for-dollar. Note that tax credits are only available in 2006 and 2007.
| Appliances* |
Tax Credits
|
| High-Efficiency Cooling/Heating Systems |
$150 if you buy:
- Furnace or Boiler (gas, propane, or oil).
$300 if you buy:
- Central Air Conditioner
- Heat Pump
- Geothermal Heat Pump
|
| High-Efficiency Water Heaters |
$300 if you buy:
- Fossil Fuel Water Heater (natural gas, oil, or propane).
- Electric Heat Pump Water Heater
|
| Building Envelope (roof, walls, windows, insulation) |
|
| Solar Energy and Fuel Cells |
- 30% of systems cost, up to $2,000, for solar photovoltaic and/or solar thermal system
- 30% of system cost, up to $1,000/killowat, for fuel cells
|
| *Check for qualifying efficiency requirements.
Source: Edison Electric Institute (www.eei.org) |
|
Courtesy: Home Improvement News and Information Center
|