No need to feel left out of the IRS tax credit stimulus plan if you already own your home. There are 2 deductions you may be able to take if your improvements focus on energy savings.
First, the Existing Home Retrofit Tax Credit (25c) has been expanded and covers up to 30% of the cost of products you have installed this year and next. This $1,500 credit is now available through the end of 2010. Items which qualify are HVAC's (heating and cooling), insulation, water heaters, windows and doors as long the products meet the IRS qualifications.
Let Grand Bay Builders assess your home as professional remodelers, to find the best methods for savings energy for your particular residence. It is important to verify that your improvements will qualify for the credit.
The second tax credit now available thru the year 2016, is the Wind Solar Geothermal, Fuel Cell Tax Credit (25d). This credit will cover geothermal heat pumps, solar panels, solar hot water heaters, small wind energy systems and fuel cells. The up front cost may be higher on these energy improvements but the credit is 30% on these as well with no cap on the cost thru 2016.
As this year's remodeling season heats up, consider taking advantage of these tax credits to reduce your home's energy footprint and reduce your utility bills.
Call us for more information or visit:
www.energystar.gov
www.nahb.org/efficiencytaxcredit
Nancy Lisabeth
Grand Bay Builders
231 995 9057
Tuesday, May 5, 2009
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