You might be eligible for a federal tax credit when purchasing a renewable energy or energy efficient product for your primary home and second homes. I would recommend that you research the qualifications and requirements before you purchase renewable energy product; as not all "Energy Star" rated products meet the strict criteria. It will depend on which renewable energy product you choose that actually determines the allowable amount of credit, the total cost and the expiration dates. The overall tax credit is up to $1500.00, 30% of the purchase and some allowance for installation, and defined expiration date for the renewable energy product and 30% of the cost with no upper limit. Therefore, I would highly recommend that you thoroughly research all of the federal income tax guidelines to ensure which federal tax credit you are eligible to secure.
After you have determined the renewable energy product you will purchase, the next phase will be for you to be prepared for filing for our federal tax credits. Please review the "How do I apply for tax credit" link for a step by step instructions that you will need to follow to successful in claiming your federal tax credit.
The list of renewable products includes Biomass Stoves, Heating, Ventilating, Air-Conditioning (HVAC), Insulation, Roofs (Metal & Asphalt), Water Heaters (Non-Solar), Windows & Doors, Geothermal Heat Pumps, Small Wind Turbines (residential), Solar Energy Systems and Fuel Cells (residential fuel and micro-turbine systems).
1 comment:
This is valuable information to know for those that have the bucks right now. Sure wish we could do it at this point. We are one of the many struggling right now. Enjoyed your article though.
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