As those W2s start coming in the mail, it’s a good time to think about taxes. The good news is, if you bought an ENERGY STAR rated product for your home in 2011, you might qualify for a tax credit.
So, what is ENERGY STAR, anyway? It’s a government rating system that distinguishes energy efficient products. Not all ENERGY STAR products qualify for tax credits, but the ones that do can really save you money.
• HVAC Air Source Heat Pump: $300
• HVAC Central Air Conditioning (CAC): $300
• Insulation: 10% of the cost, up to $500
• Roofs (Metal & Asphalt): 10% of the cost, up to $500
• Windows, Doors & Skylights: 10% of the cost, up to $500 ($200 for windows)
• Solar Panels: 30% of the cost, up to $500 per .5 kW of power
You can see the full list of products that qualify for tax credits at www.energystar.gov.
Even if you didn’t have any ENERGY STAR tax credits this year, they’re worth remembering when you’re buying home products in 2012. But remember to save your receipts and the Manufacturer’s Certification Statement. You’ll need these documents—along with the tax credit Form 5695—when you file your return.
Will you be saving any money this year because of energy efficient tax credits? Chances are you’re already saving on your electric bill by updating old appliances. Tell us about it in the comments section- we love to hear from you!