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Taking advantage of the home improvement tax credit program offered by the federal government to homeowners is a wise move specifically when you plan to upgrade your home facilities in the future. The qualified taxpayer can claim up to 30% of the credit for buying energy efficient products to be used in the home improvement.
Eligible Items for the Tax Credit
To avail the 10% tax credit, homeowners should see to it that the products they will purchase to be used in upgrading their houses are items that bolster energy conservation. The following components are eligible for the 10% credit:
- Insulation systems that reduce heat loss/gain;
- exterior windows and skylights bought on or before June 1, 2009 which contain a U-factor and Solar Heat Gain Coefficient (SHGC) ratings of 0.30 or less;
- Exterior doors and metal roofs that meet the Energy Star requirements.
Other Qualified Energy Efficient Products
For homeowners who invest in solar-generated systems like solar panels, solar water heating equipment, or a fuel cell power plant to provide electricity for their homes, they can be granted a one credit equal to 30% of the certified purchased products. Solar panel products can gain up to a maximum credit of $2,000, while fuel cell power plants with .5 kilowatt capacity can get up to a maximum credit of $500.
