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The following guidance is not intended as legal advice, and you should consult a tax professional with specific questions. For the past few years, the federal government has offered tax credits for certain home improvements aimed at increasing a home's energy efficiency. While the most popular and generous tax credits, such as the one that allowed you to claim up to 30 percent of improvements such as new windows and doors, insulation in your attic, a new roof or even a hot water heater, have all expired, you can still get credit for other significant energy-efficient improvements. According to EnergyStar.gov, you can claim a tax credit for 30 percent of the cost of installing a geothermal heat pump, small wind turbine or solar energy system in your home. The credit has no upper limit and applies to both existing homes and new construction, but not to rental properties. This credit is good until Dec. 31, 2016. You can also get a credit of up to 30 percent of the cost of residential fuel cells, up to $500 per .5kW of power capacity, EnergyStar.gov says. This credit is also available until Dec. 31, 2016. While the initial cost of these improvements may seem significant, they can dramatically decrease home energy bills in the long run. Depending on the type of home improvement or repair you undertake, you may also be able to claim a deduction on your taxes. Before launching a significant home repair or improvement, it may pay to consult with your tax accountant to see what, if any, portion of the cost may be deductible. And, as you do home repairs throughout the year, keep receipts and discuss the improvements and possible deductions with your accountant when he or she is preparing your tax return. Here below are a list of program descriptions and web links for Georgia residents as of January 2012. Please contact a Atlanta Energy Concepts Representative if you have any questions at (404) 537-1777 or by email at info@AtlantaEnergyConcepts.com
The following guidance is not intended as legal advice, and you should consult a tax professional with specific questions. 2011 Tax Credit On December 17, 2010, President Barack Obama signed into law the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. Under this law, homeowners may claim a tax credit for the purchase of energy-efficient windows, doors, and skylights. To be eligible for the credit, windows, doors, and skylight must:
Homeowners may receive a tax credit equal to 10% of the product cost (installation may NOT be included) up to
Homeowners may receive no more than $500 total for all energy efficiency tax credits. These caps are also the new "lifetime limits" for the taxable years of 2006 to 2011. If you claimed an energy efficiency credit in a previous taxable year, please consult a tax professional to determine your remaining eligibility for this credit. The Internal Revenue Service (IRS) has not yet made a determination as to what documentation a homeowner must retain when claiming this tax credit. Until IRS issues a guidance document for this tax credit, homeowners should save all available documentation, such as purchase receipts, ENERGY STAR labels, and manufacturers' certification statements. Additional information will be provided if and when it is made available from the IRS. Tax credits also apply to our siding and insulation products. * Ask our sales representative for details | ||||||||||||
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Atlanta Energy Concepts, Inc. is a Nation's Top 500 Home Remodelers Award Winner and Equal Opportunity Employer Home Remodeling Contractor that serves Home Remodeling in Georgia and Alabama areas.
Atlanta Energy Concepts, Inc. 7742 Spalding Drive, Suite 450 Norcross, Georgia 30092 Corporate Office: (404) 537.1777 | Fax: (770) 395.7600 Copyright © Atlanta Energy Concepts, 2012. All Rights Reserved | ||||||||||||
