by Dave Logan
There are plenty of smart reasons to winterize your home: economics and energy efficiencies are just a couple. How about tax credits? In 2010, the tax credits have actually been expanded to cover more categories, incentivizing home owners to take action.
Energy-efficient windows and doors, skylights, insulation, and even roofs can get you a tax credit worth 30% (up to $1,500) of what you paid for those items. Make sure that if you are replacing any of the above items, that they qualify for the tax credit themselves. Also, you do not get credit for installation. You will need to submit form 5695 when you file your taxes in order to get the credit.
If you want to go big on efficiencies, then you can get an even bigger tax break! Items like solar panels, fuel cells, and wind-energy systems come with no maximum dollar amount (like the $1500 for smaller items). You will still get the 30% tax break, but the higher-dollar items can yield some significant tax advantages for you at the end of this year. Now’s the time to talk with your services pro if you’ve been thinking about making a serious change and increasing the efficiencies in your home.
