Energy Saving Credit – Killer Advice
Energy Saving Credit New Changes And Help From Joe Mastriano, CPA.
For 2009, taxpayers who install solar, geothermal or wind systems in their homes to generate electricity are eligible to receive a tax credit of 30% of the costs of all qualifying improvements. The credit rate is increased from 10% applied in 2006 and 2007.No matter how many energy saving credit items you buy for your residence, you cannot claim more than a $1,500 credit within a two-year period for 2009 and 2010. The maximum energy saving credit limit increased from $500 allowed in the previous years.This energy saving credit also applies to energy saving related renovations such as: adding energy efficient exterior windows, adding insulation, outside doors, windows, etc.A similar energy saving credit was allowed in 2007. However, for 2008, the credit allowed in the previous year was not available.