Understanding the New Energy tax credits for homeowners
Global warming, dependence on foreign oil, the high price of energy Yikes-you can not help but look for ways to save energy.
Fortunately for the U.S. Congress feel the same way. New tax laws provide three, sweet tax credits for taxpayers who make their homes more energy efficient primary in 2006 or 2007.
100% energy credit on heating and cooling
Homeowners can use 100% of the cost of energy efficient heating and cooling devices such as pumps,water heaters, air conditioners, furnaces, and fans as a tax deduction.
A little wrinkle 'complicates the claim of 100%, though: It can take more than a deduction of $ 300 100% for heat pumps, water heaters, air conditioners do not. You can not take more than N% $ 150 deductible 100 for the stoves. And you can take more than a deduction of $ 50 100% for fans not.
10% of the credit for energy efficient buildings Components
Homeowners also get a deduction of 10% for energy saving upgrades such as insulation,metal roofs designed to bend the heat, doors and windows and Install. (But note the maximum tax credit is available for Windows, is $ 200)
Note, however, that taxpayers may claim more than $ 500 is not 100% – and 10% credits.
If you're not a large city-house, of course, you can easily navigate through the $ 500 ceiling will be limited.
30% solar and fuel cell equipment credit
Homeowners have a second energy tax credit to reflect a credit of 30% for solar energyfuel costs.
You can claim a tax credit equal to 30% of the price of solar power generators for a maximum credit of $ 2,000. And you can claim a tax credit equal to 30% of the price of solar hot water for a maximum credit of $ 2,000.
You can also ask for a tax credit equal to 30% of the price of fuel cell power plants to a maximum credit of $ 500. (A fuel cell converts fuel into electricity.)
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