Save Money With Federal Tax Credits For Energy Efficient Systems In Phoenix-zhuxianduowan

UnCategorized Today, we have some amazing Federal Tax Credits to promote Energy Efficiency in the US. As per the new federal bill passed, you could now avail tax credit on purchase and improvement of energy efficient systems. This is valid for all purchases and installations between January 1, 2009 and December 31, 2010. You can avail 30% of the cost of the improvement, which can be up to $1500. As per the bill, you can spend up to $5,000 during this 2 year period on a single or multiple products, and get 30% or up to $1,500 back as the tax credit. The tax credit given is much better than tax deductions because the tax credit reduces the tax you pay, dollar-for-dollar, where as the tax deduction reduces the tax liability by a certain percentage depending upon your income tax slab. Also, if two or more unmarried people live in the same residence/home and own it jointly, they are each eligible for the tax credit on the amount of money they each individually spend to make home improvements. These tax credits are valid for the following energy efficient systems/projects, provided that these changes are done in your principal/primary residence: * Windows and doors (exterior windows, skylights, storm windows, exterior doors, storm doors) * Roofing (metal roofs and asphalt roofs) * Insulation * HVAC (heating and air – all types) * Water heaters * Biomass Stoves For new homes you can get the tax benefits of 30%, without any cap, if you make investments in the following: * Geothermal heat pumps * Solar panels * Solar water heaters * Small wind energy systems * Fuel cells The above mentioned advantage also exists for existing homes until the year 2016. Claiming tax credits is very easy as there are no hidden procedures and rules; you just need to claim it using Form 5695. You would need to attach a copy of Manufacturing Certification Statement and a copy of the bill/receipts. Note that the above tax credits are not valid for all specifications. As per the government’s website only following ACs, fulfilling certain conditions can get you the credit: 1. Split ACs with SEER greater than or equal to 16, and EER greater than or equal to 13 2. Package ACs with SEER greater than or equal to 14, and EER greater than or equal to 12. So you could now benefit on two fronts, tax credit as well as the energy savings that you would make after installing the units. Moreover, there would be a separate rebate program that would start from somewhere late 2009 or early 2010; it would be run by individual states. About the Author: Electrical Services Phoenix 相关的主题文章: