There’s a new energy tax credit being debated in Congress. Based on what I’m reading, you may want to act this year if you are thinking about replacing windows.
The initial language of the bill says homeowners would get 10%—or up to a $200 (capped)—tax rebate if you purchase windows that are Energy Star qualified. There is a second way to increase your rebate. If you purchase replacement windows that meet or exceed the R-5 program, you can get up to 30% or up to $1000 (capped). Click here to see the Energy Star / R-5 chart.
The current expiring tax credit allows you a 30% tax credit up to $1,500 for this year. For homeowners to qualify for this tax credit, you must purchase windows with a .30 U-value and a .30 Solar Heat Gain Coefficient (SHGC). Most Energy Star labeled windows fall into this category, but you need to make sure this is what you’re purchasing.
Also, with the Energy Tax Credit that is expiring at the end of this year, it’s important to note that—to get the rebate—the windows must be installed or be “in service” by December 31, 2010. Because many manufacturers have lead times, and many remodeling companies have installation lead times, it’s important to order now. This will ensure you getting your windows installed before the end of the year and qualifying yourself for up to $1,500 in tax credits.
To see the draft language of the proposed bill, visit click here.
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