Thanks to the federal tax bill signed into law in December, there are still energy tax credits available for 2011. That's the good news. The not-so-good news is that the amounts available in 2011 have been reduced for certain improvements. From 2009 through 2010, homeowners were rewarded with a 30% tax credit for making their homes more energy efficient ($1500 maximum credit). For 2011, homeowners will receive only a 10% tax credit for home energy efficiency improvements ($500 maximum credit). Home energy credits for upgrades with renewable energy (solar/wind/geothermal) remain at 30% with no maximum limit through the year 2016. Here is what's available according to ENERGY STAR:
Home Energy Efficiency Improvements*
Heating, Ventilation, Air Conditioning (HVAC)
Roofs (Metal & Asphalt)
Windows & Doors
Water Heaters (non-solar)
*Tax Credit 10% of the cost up to $500 or a specific amount from $50-$300
*Expires December 31, 2011
*Must be an existing home & your principal residence
. New construction and rentals do not qualify.
Renewable Energy Home Improvements*
Solar Energy Systems
Small Wind Turbines (Residential)
Geothermal Heat Pumps
*Tax Credit 30% of cost with no upper limit
*Expires December 31, 2016
*Existing homes & new construction qualify. Both principle residences and second homes qualify. Rentals do not qualify.
Fuel Cell and Microturbine Systems
Residential Fuel Cells qualify for a 30% tax credit of the cost up to .5 kW of power capacity through December 31, 2016.
Existing homes and new construction qualify. Must be your principle residence
. Rentals and second homes do not qualify.
According to The Daily Green
, "the 2011 home improvement tax incentives will revert to the 2005-2008 levels" where there was a $500 maximum cap. If you have already taken the $500 credit from 2005 through 2008, or, the $1500 credit for 2009-2010, you are not qualified for the new 2011 $500 tax credit. If you have claimed less than $500 from 2003 through 2010, you still have a partial credit available to you.
For more details, information, and specific requirements that must be kept in each category, visit the following websites:
Department of Energy Energy Efficiency & Renewable Energy
, Energy Star Tax Credits
, in North Texas GreenTex Energy Savers