2010 Federal Tax Credits for Energy Efficiency
Eric Barendsen from the U.S. Department of Energy wrote a great blog post yesterday reviewing some of the 2009 and 2010 tax credits available for energy efficient products. In a nutshell, a taxpayer can receive tax credits for 30% of the cost of eligible products, for a total tax credit of up to $1,500.
The tax credit is good for the 2010 tax year for consumers who purchase eligible biomass stoves, insulation, HVAC, roofing, non-solar water heaters, windows, and doors. Those who claimed the full $1,500 credit during the 2009 tax year are not eligible in 2010, as the $1,500 maximum credit is for the total period of 2009 and 2010.
There are also tax credits available through 2016 but they are on renewable energy products that most consumers aren’t likely to purchase this year: fuel cells, geothermal heat pumps, solar energy systems, and and wind energy systems.
Barendsen references this U.S. Department of Energy chart that details each product eligible for tax credits. Be sure to research the credits in detail before you get started on your project, and discuss the credits in advance with any contractors you use. Also, keep in mind these are simply incentives from the federal goverment. Incentives from the Wisconsin State Energy-Efficient Appliance Rebate Program and other Focus on Energy incentives can be combined with the federal incentives. If you don’t live in Wisconsin, you can search this U.S. Energy database for incentives from your local utility as well as your state and local government.
Every Wednesday we highlight an energy savings tip to help Milwaukee area consumers reduce their utility bill. See all of our previous energy savings tips here.
