Deadline Approaches for 2011 Energy Efficiency Tax Credits
Nov 30, 2011 02:45PM
Residents can earn energy-efficient tax credits of up to $500 on products and systems in their homes if they act soon. Installation must be completed before December 31. Cumulative credit for any combination of projects, excluding installation and labor costs, include the following.
• Insulation: 10 percent tax credit up to $500 Properly insulated and sealed homes can save up to 20 percent on cooling and heating costs, according to Energy Star.
• Heating/cooling systems: $300 tax credit for electric heat pumps or central air conditioning; $150 for boilers and furnaces; and $50 for advanced circulating fans. According to the EPA and DOE, replacing older heating and cooling systems with Energy Star systems can cut energy bills by up to $200 per year.
• Non-solar water heater replacement: $300 tax credit for Energy Star gas tankless or heat-pump water heaters. Energy Star qualified heat-pump water heaters save approximately $300 on the average household electric bill and Energy Star qualified gas tankless water heaters cut heating bills by approximately 30 percent.
• Windows, doors, skylights: 10 percent tax credit up to $500. The maximum credit on windows is $200, and products must be Energy Star rated to qualify for the credit. New Energy Star windows can result in savings of $150 to $450 per year when replacing single-pane windows and $30 to $100 a year when replacing double-pane windows.
For more information visit EnergySavers.gov.