On February 17th 2009, President Obama signed a stimulus bill (The American Recovery and Reinvestment Act of 2009) that made some significant changes to the energy efficiency tax credits. The highlights for homeowners include:
- The tax credits that were previously effective for 2009, have been extended to 2010 as well.
- The tax credit has been raised from 10% to 30%.
- The tax credits that were for a specific dollar amount have been converted to 30% of the cost.
- The maximum credit has been raised from $500 to $1500 for the two years (2009-2010) however, some improvements such as geothermal heat pumps, solar water heaters, and solar panels are not subject to the $1500 maximum.
- The $200 cap on windows has been removed.
For consumers to receive the tax credits the home improvement:
- Must be "placed in service" or ready for use from January 1, 2009 – December 1, 2010.
- Must be for the tax payers principal residence.
- The improvements will include windows, doors, roofing, insulation, hvac, geothermal heat pumps, water heaters, biomass stoves, solar energy systems, small wind energy systems, fuel cells, and cars.
There are other requirements to receive the tax credits so it would be a good idea to read the act yourself and/or contact the IRS or your tax accountant.
Source: Energy Star Website
All projects qualifying for a $1,500 tax credit purchased through Rhino Builders before December 31, 2009 will qualify for an additional Rhino credit of $200.00.