Consumers still have a couple of months to qualify for tax credits for making their homes more energy efficient. Here is a quick recap of the 2011 tax credits available for windows, doors and insulation.
Consumers can qualify for a tax credit up to 10% of the cost of qualified replacement windows (new-construction products are not applicable), or a maximum of $200, or up to 10% or a maximum of $500 of the cost of qualified doors. This new tax credit applies to ENERGY STAR labeled windows and doors. Certain types of insulation—such as Radiaflect reflective insulation products—also qualify for a tax credit of up to $500 or 10% of the cost of the project. Products must be installed between January 1, 2011 and December 31, 2011 to qualify for tax credits.
There is one slight “catch” however. Consumers are limited to a lifetime maximum tax credit of $500 for any combination of tax credit qualifying products (windows, doors, insulation, HVAC, roofing, etc) from Jan 1, 2006, to Dec. 31, 2011. That means that consumers who have already reached or exceeded the $500 limit are not eligible to claim the credit in 2011. More information on the tax credits can be found at http://www.gorell.com/taxcredits/.
Consumers who are considering making their homes more energy efficient may want to move quickly to get their home improvements completed before the end of the year. After all, who is going to turn down several hundred dollars of “free money” – plus even more savings as a result of a more efficient home!