2011 Energy Star Tax Credits

Were you considering some improvements in your property last year because of the tax benefits, but just didn’t have the chance to take advantage of the opportunity?  Well, 2011 brings additional Energy Star Tax Credit savings!  These savings aren’t quite as grand as last year, but if there are improvements you were looking to make, this year may be the time to take advantage.  The full article can be found at WalletPop, but here is a brief synopsis of the credits available in 2011…

From WalletPop:

Tax Credit: 10% of cost up to $500 or a set amount between $50 and $300

  • HVAC equipment, including air source heat pumps, central air conditioners, advanced main air circulating fans, furnaces and boilers
  • Insulation, including bulk products like batts and rolls, and air-sealing items such as weather stripping, caulk and house wrap
  • Metal and asphalt roofing
  • Non-solar water heaters
  • Windows, doors and skylights (credits for windows are capped at $200)
  • Biomass stoves with thermal efficiency rating of at least 75%

Tax Credit: 30% of cost with no upper limit

  • Geothermal heat pumps
  • Solar energy systems, including solar water heaters and solar panels
  • Small residential wind turbines, with a nameplate capacity of no more than 100 kilowatts

Tax Credit: 30% of cost, up to $500 per .5 kW of power capacity

  • Fuel cells, with efficiency of at least 30% and capacity of at least .5 kW

To receive the energy tax credits you deserve at tax time next year, hold on to receipts and Manufacturer’s Certification Statements for the items you install, and plan to file 2011 IRS Form 5695. For more information on qualifying products, check the product eligibility details posted via the Alliance to Save Energy and Energy Star.

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