Energy Credits renewed for 2011
Residential Energy Property Credit.
The revised law maintains the energy tax credit for homeowners who make energy efficient improvements to their existing primary homes. However, the credit has been decreased to 10 percent
of the cost of all qualifying improvements up to maximum credit of $500 for improvements placed in service in 2011.
The credit applies to improvements such as adding insulation, energy efficient exterior windows and doors and energy-efficient heating and air conditioning systems.
The catch is you must reduce the $500 by any credits that you claimed in 2006, 2007, 2009 or 2010.
The IRS has issued IRS Notice 2009-53 that will allow manufacturers to certify that their products meet these new standards.
Residential Energy Efficient Property Credit.
This nonrefundable energy tax credit will help individual taxpayers pay for qualified residential alternative energy equipment, such as solar hot water heaters, geothermal heat pumps and wind turbines. The new law removes some of the previously imposed maximum amounts and allows for a credit equal to 30 percent of the cost of qualified property.
IRS information page
Find details on qualification criteria at Energystar website
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