Money in the Bank-Efficiency Upgrading

In one of our recent blogs we touched on how you can find a few more tax deductions, thanks to Uncle Sam and last year's Recovery and Reinvestment Act (AKA: The Stimulus Bill). Today we'd like to touch on a few more things to think about.

Qualifications for the 30% deduction guidelines are much tougher than in the 2006-2007 program. First, all improvements must have taken place after February 17, 2009. Second, be sure, as we mentioned before, that when you are buying products (windows, skylights, insulation, etc.) that you either see a label with the Energy Star label or you request a Maufacturer Certification Statement that the product or component qualifies for the tax credit.

Another great idea is that consumers who want to generate their own power are eligible for renewable energy tax credits on projects completed through 2016 (including alternative-energy equipment connected to your house, such as solar water heaters, geothermal heat pumps, small wind turbines, and other similar projects).

Be sure and check out the following resources:

To review guidelines for qualifying purchases visit the IRS website.
To find guidelines on what qualifies for both tax credits visit Energy Star.
To find state and local energy efficiency assistance available visit U.S. Department of Energy