New Energy Efficiency Tax Credit Rules

March 17, 2009

Residential

Energy Star Rated Appliances Can Save You Money in a Couple of Ways

Energy Star Rated Appliances Can Save You Money in a Couple of Ways

NEWS FLASH!  President Obama signed a stimulus bill!!!  What?!  OK, talk about old news…but it has grander tax implications for Americans.  The American Recovery and Reinvestment Act of 2009 (ARRA) has some significant changes to the energy efficiency tax credits.

Here are the highlights:

  • The tax credits that were previously effective for 2009 only, buy they have been extended to 2010.
  • The tax credit has been raised from 10% to 30%!
  • The tax credits that were for a specific dollar amount (ex $300 for a CAC), have been converted to 30% of the cost.  This could greatly increase your credit potential.
  • The maximum credit has been raised from $500 to $1500 for the two years (2009-2010). However, some improvements such as geothermal heat pumps, solar water heaters, and solar panels are not subject to the $1,500 maximum.
  • The $200 cap on windows has been removed, but the requirements for windows has been increased significantly. Not all ENERGY STAR qualified windows will qualify.

For a more robust & comprehensive list of changes, please visit the Energy Star website website for details.

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About Lisa Gregg

Lisa has been in real estate since 2005. Her strengths and expertise are in contract management, marketing, and coordinating. She supports the Robert John Anderson Group at Baird & Warner, maintaining a long tradition of being in the top 1% of Chicago Realtors®. Lisa loves spending time with her husband and two growing boys (who she can’t call little anymore), being outdoors, spending time with friends?new and old?all while doing her part for the environment. Lisa can be reached via email lisa@robertjohnanderson.com or on facebook.

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3 Responses to “New Energy Efficiency Tax Credit Rules”

  1. Anthony Wilson Says:

    We have installed a solar water heater at home and it is also as good as conventional water heaters.*`:

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