Are you thinking of renovating your existing home or buying a fixer-upper home? Did you know that you may likely be eligible for a get a federal tax credit when you purchase certain Energy Star products for your home? The tax credit varies depending on the product, but for example, you can get a tax credit of 30% on the cost of Energy Star windows and storm doors up to $1,500. The home you’re putting the new, energy-efficient windows and doors in must be your primary residence and cannot be new construction or a rental. Other products may apply to new construction, though.
Other products for which the credit applies include roofs, insulation, biomass stoves, HVAC units, solar energy systems, and more. The tax credit ends December 31, 2010 for some products and not until the end of 2016 for other products. You can visit the Energy Star website to see a list of products covered under the tax credit and the rules that apply to each, as well as to learn how to apply for the tax credit.
This is all good news for anyone renovating an existing home in order to save on energy bills or to add to the resale value of the home. It also seems ideal for those looking at REO homes or foreclosure listings that may be older and in need of some updates or for REO investors looking to save a buck or two on upgrades that really count when it comes to getting a good return on their investment dollars.
