wind power tax credits 2009

Posted on Sunday, November 9, 2008 in Uncategorized

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With all the buzz over tax credits for energy-efficient home improvements, homebuyers and homebuilders are asking what they get.

The 2009-2010 energy tax credits for replacement windows, doors, insulation, and HVAC do not apply to new homes. Those credits are only available if you improve your existing home.

However, there are several tax credits available if you’re buying or building a new home. Here’s what they are and how to take advantage of them:

2009 Federal Tax Incentive For First Time Homeowners

If you’re buying your first home, you’re eligible for an $8,000 tax credit. The home must be your principal residence. If you’re moving and buying a new home, you do not qualify. Only individuals who have not owned a home for the three years prior to buying are eligible. Unlike previous homebuyer tax credits, you don’t have to pay this back!

To qualify, you must buy the home between January 1, 2009 and December 1, 2009. You must also have an adjusted gross income of $75,000 or less for individuals, and $150,000 or less for couples.

30% Energy Tax Credit for Energy-Efficient Power Systems

New homebuyers or builders can receive a 30% tax credit for the cost of energy-efficient power systems, including installation. There is no upper limit. The systems must be put into place by December 31, 2016.

• Solar Water Heating: All Energy Star certified solar water heaters qualify for the tax credit. The credit does not go towards expenses for swimming pools or hot tubs.

• Photovoltaic Systems (Solar power): Any photovoltaic system that provides electricity to the home and meets fire and electrical codes for your area qualifies for the tax credit.

• Residential Small Wind Energy Systems • Residential Fuel Cells and Microturbine Systems: The system must be at least 30% efficient and a capacity of .5 kW. The credit is worth 30% of the cost, up to $1500 per .5 kW capacity.

Federal Energy Tax Credit for Homebuilders

This tax credit is available only to eligible contractors, not to all homebuyers or builders. Homebuilders who qualify as eligible contractors can claim the credit. The home must be placed in service between January 1, 2006 and December 31, 2009.

• $2000 for Site-Built and Manufactured Homes: Eligible contractors can receive up to a $2,000 credit for building homes that use 50% less energy than homes built to 2004 International Energy Conservation Code (IECC) standards. Improvements to the building envelope (walls, roof, foundation, etc) must account for 1/5 of the 50% energy savings.

• $1000 for Site-Built and Manufactured Homes: Eligible contractors can alternately claim a lesser credit for homes that use 30% less energy than the 2004 IECC standards. Improvements to the building envelope must account for 1/3 of the 30% savings.

You can find out more about these credits from the IRS. Visit the Department of Energy website for more information on code compliance.

If you’re looking to improve the energy-efficiency of your current home, visit Mr. Rogers Windows. You’ll find replacement windows, patio doors, and entry doors in all your favorite styles that meet standards for the 2009 energy tax credit. You can receive up to $1,500 back from the federal government, plus you’ll slash your energy-bills with products guaranteed for life.
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Get Replacement Windows To Qualify You For the 2009 Energy Tax Credit

Article Source: ArticlesBase.com – Tax Breaks For New Home Buyers And Builders In 2009 And 2010

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