Green’ Money

Many people know about the $8,000 home buyer tax credit, but did you know that the American Recovery and Reinvestment Act of 2009 also established a number of tax breaks for current homeowners who want to improve their home’s energy efficiency?

Energy-efficient improvements to exterior windows, skylights and doors as well as certain metal and asphalt roofs qualify for 30 percent of the project cost, up to $1,500. The credit covers installation costs for HVAC, gas, oil and propane water heaters and biomass stoves. These improvements qualify for the credit through December 31, 2010.

Owners who go a step further by adding geothermal heat pumps solar energy systems or small wind energy systems will qualify for 30 percent of the entire cost, including installation, and the tax credit doesn’t expire until December 31, 2016.

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