Home Remodeling Tax Credits
The Obama Administration wants you to make your house more energy efficient and they're willing to pay you for it. That's great news. Not only can you save money on gas and electric bills, but you can get a nice tax credit for it as well. The tax credits vary according to type of remodeling and how green the project is. Below is a quick summary of the types of green remodeling tax credits:
Home Energy Efficiency:
For energy efficient projects in the categories below homeowners can deduct 30% of the cost up to $1,500. Expires at the end of 2010.
- Windows and Doors
- Biomass Stoves
- Heating, Ventilating, Air Conditioning (HVAC)
- Water Heaters (non-solar)
For renewable energy projects in the categories below, homeowners may deduct 30% of the cost with no upper limit. Expires at the end of 2016.
- Geothermal Heat Pumps
- Small Wind Turbines
- Solar Energy Systems
For fuel cells in the categories below, homeowners may deduct 30% of the cost, up to $500 per.5 kW of power capacity. Expires at the end of 2016.
- * Fuel Cells (Residential Fuel Cell and Microturbine Systems)