Energy Saving Alternatives Can Save You Some Greenbacks

These hot summer days make me cringe at the thought of my next power bill.  When the air conditioning unit come on I can see the greenbacks floating out of my checkbook.

I don’t currently have any alternative energy sources but I am considering it for my next home building project.  Nice to know that there are a few federal tax credits for those that choose to make some energy efficient home improvements.Image

Not all energy efficient improvements qualify. You can get credit for the following:

  • geothermal heat pumps that meet the Energy Star program requirements.
  • small residential wind turbines
  • solar water heaters ~ not applicable for hot tubs or swimming pools.
  • solar panels ~ must meet current building codes.
  • fuel cells

The residential energy tax credit helps individual taxpayers pay for residential alternative energy equipment. It is only good thru 2016 so move fast if you plan to install some of these energy efficient improvements.

This credit is not available on rental properties, only on your primary residence or second home.

If you’re eligible, you can claim this credit on Form 5695,  Residential Energy Credits when you file your federal income tax return.

For all the details, see IRS Notice 2009-41, which you can download from www.irs.gov. Click here for the direct link to form 5695.

Stay cool my friends and thanks for stopping by my blog.  If you are ever in need of a friendly Realtor with lots of experience, please give me a call at 208.890.8390 or send me an e-mail @ iGroupRE@gmail.com

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