Tax Credits Available To Homeowners

Green Building Solutions can help you get tax credits from the Stimulus Package:

• Specified improvements must be "placed in service" from January 1, 2009 through
    Dec. 31, 2010
• They must be for the taxpayers principal residence
• The maximum amount is $1,500 in 2009 & 2010 for most home improvements
    (geothermal heat pumps, solar water heaters, solar panels, fuel cells, and windmills
    are not subject to this cap)
• Improvements made in 2009 will be claimed on your 2009 taxes (filed by April 15, 2010)
    — use IRS Tax Form 5695 (2009 version) — it will be available late 2009 or early 2010

If you are building a new home, you can qualify for the tax credit for photovoltaics, solar water heaters, small wind systems and fuel cells, but not the tax credits for windows, doors, insulation, roofs, HVAC, or non-solar water heaters.

The following items may qualify for tax credits of 30% of cost up to $1,500 unless otherwise noted (of course, restrictions and specific criteria apply for each of these):

Exterior Windows and Skylights
Exterior Doors
Metal Roofs
Asphalt Roofs
Insulation in Walls and Attics
Central A/C
Air Source Heat Pumps
Natural Gas or Propane Furnace
Natural Gas or Propane Water Heater or Boiler
Advanced Main Air Circulating Fan
Geo-Thermal Heat Pump
Electric Heat Pump Water Heater
Biomass Stove
Solar Water Heating (30% of cost up to $2,000)
Solar Photovoltaic Systems (30% of cost, no cap)
Residential Small Wind Energy Systems (30% of cost, no cap)
Residential Fuel Cell and microturbine system (30% of cost up to $1,500 per 500 W of power capacity)
Hybrid gasoline-electric, diesel, battery-electric, alternative fuel, and fuel cell vehicles (Varies, credit is still available
     for Ford, GM and Nissan)
Plug-in hybrid electric vehicles ($2,500–$7,500)

Green Building Solutions can install any or all of these components (except the cars) and help you with the paperwork to obtain the tax credits.

For more information, click here or see the Department of Energy Details page.

 
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