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Home Owner Tax Credits

Tax Credits Continue for Homeowners

The Federal Government has announced that it will be continuing to grant tax credit on energy saving devices this year, as long as the devices are installed and working by December 31, 2010. This extended deadline means that a number of people will be installing better insulation, more efficient heat pumps, new windows, and a host of other improvements this year. Now is the perfect time for you to join in these savings.

First off, you don’t want to wait until the last minute. As the deadline approaches, everyone and their brother is going to be installing all kinds of energy saving devices, so towards the end of the year, you should expect to see these devices get more expensive and see longer waits to have them installed. Besides, going green saves you money, and you’ll be getting the tax credit anyway, so why wait? You can start saving now, and have the same tax credits as people who waited, plus all the money you’ll save on utilities in the meantime. Of course, many people already knew that you could get tax credit for a more efficient water heater, but did you know that you can have your roof redone? That’s right; certain types of roofing reflect more of the sun’s rays away from your home. Come summer, this will save you a great deal of money on your air conditioning, and you can get a 30% tax credit. You can also replace your windows and doors with the same credit. Upgrades to your heating, ventilation, and air conditioning (HVAC) systems are also given the tax credit.

Here’s the one that blew me away: you can get a tax credit on wood stoves. That’s right; the Federal Government is now willing to give you a tax credit on that fireplace that you’ve always wanted. It will have to meet certain thermal efficiency requirements, of course, but talk about home improvement! The provision also includes pellet stoves, which are more compact than wood stoves and just as cozy in the winter. Of course, the fireplace you install will have to be the real kind – there’s no tax credit on having a natural gave burner with fake logs around it.

There are also tax credits available for people who want to go big, people who are serious about saving the planet and saving money. The installation of a fuel cell generator, wind generator, or solar panel qualifies homeowners for tax credit. If you’ve ever been without electricity because of a winter storm, having an on-site wind or solar generating system will sound like a very good idea. 2010 is the year to go green.