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Tax Credits & Rebates
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Homeowner Tax Credits & Rebates
Green Collar Crew, Inc. was awarded ENERGY STAR® Partner of the Year in 2008. We are proud to provide rating services to qualify new homes for the ENERGY STAR label. ENERGY STAR qualified new homes are substantially more energy efficient than homes built to the minimum code requirements. Even in states with more rigorous energy codes, the U.S. EPA ensures that ENERGY STAR remains the symbol for truly energy-efficient performance. These homes are good for businesses, consumers, and the environment.
The following infomation came from the Energy Star website. Learn more about ENERGY STAR® at www.energystar.gov
Federal Tax Credits for Energy Efficiency
On December 17, 2010, President Obama signed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. This law extends the tax credits for energy efficiency into 2011, BUT at lower levels. The levels revert back to those in effect in 2006 and 2007, which were 10% of the cost of the improvement, up to $500, with a $200 max for windows, and several other set maximums.
Highlights:
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10% up to $500 for insulation, roofs, and doors.
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Windows capped at $200, but qualification now ENERGY STAR®
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Furnace and boilers capped at $150, and all furnaces and boilers must meet 95 AFUE
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$50 for advanced main air circulating fan
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$300 for air conditioners, air source heat pumps, water heaters, and biomass stoves
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$500 lifetime limit. If you got over $500 in these tax credits from 2006-2010, you are not eligible for anything more.
For more information please visit the Energy Star website.
Energy Policy Tax Credits includes:
2010:
For products "placed in service" in 2010, you need to file the 2010 IRS Form 5695 and submit it with your 2010 taxes (by April 18, 2011). On the 1040 form the residential energy tax credit (from Form 5695) is claimed on line 52. Save your receipts and the Manufacturer's Certification Statement for your records. Submit Form 5695 with your taxes.
2011:
For products "placed in service" in 2011, you need to file the 2011 IRS Form 5695 and submit it with your 2011 taxes (by April 15, 2012). On the 1040 form the residential energy tax credit (from Form 5695) is claimed on line 52. Save your receipts and the Manufacturer's Certification Statement for your records. Submit Form 5695 with your taxes.
* Reminder: Unlike a deduction, which reduces the amount of income subject to tax, a tax credit directly reduces the tax itself. The final rules and forms to clarify which products and services qualify for the tax credits will be developed by The Internal Revenue Service (IRS). You must refer to the final IRS rules to determine what qualifies for the tax credit.
Solar Energy Systems
Tax credits are available for qualified solar water heating and photovoltaic systems. The credit is for 30% of the cost (including installation/labor costs), with no upper limit. Tax credit in effect in through 2016. Must be installed in a home you own and use as a residence (no rentals, but second homes qualify) between January 1, 2006 and December 31, 2016.
Details:
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At least half of the energy generated by the solar water heater ("qualifying property") must come from the sun.
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Homeowners may only claim spending on the solar water heating system property, not the entire water heating system of the household.
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The system must be certified by the Solar Rating and Certification Corporation (SRCC).
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The water must be used in the dwelling.
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The credit is not available for expenses for swimming pools or hot tubs.
Federal and State Tax Credits from NC Solar Center
Tax Credits for Home Builders:
The Tax Credit for Home Builders expires on December 31, 2011.
Home builders are eligible for a $2,000 tax credit for a new energy efficient home that achieves 50% energy savings for heating and cooling over the 2004 International Energy Conservation Code (IECC) and supplements. At least 1/5 of the energy savings has to come from building envelope improvements. This credit also applies to contractors of manufactured homes conforming to Federal Manufactured Home Construction and Safety Standards.
There is also a $1,000 tax credit to the producer of a new manufactured home achieving 30% energy savings for heating and cooling over the 2004 IECC and supplements (at least 1/3 of the savings had to come from building envelope improvements), or a manufactured home meeting the ENERGY STAR requirements.
Please note that, with the exception of the tax credit for an ENERGY STAR qualified manufactured home, these tax credits were not directly linked to ENERGY STAR. Therefore, a builder of an ENERGY STAR qualified home may be eligible for a tax credit but it is not guaranteed.
These tax credits apply to new homes located in the United States whose construction is substantially completed after August 8, 2005 and that are acquired from the eligible contractor for use as a residence from January 1, 2006 through December 31, 2011.
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