QEP (Qualified Energy Property) Tax Credit for Homeowners - The word is that the Federal Energy Efficiency Tax Credit expires at the end of next month- December 30, 2010. So if you are thinking about replacing certain windows, doors, a metal and/or asphalt roof, adding skylights, insulation or HVAC items, make haste. There is a 30% of cost (up to $1,500) tax credit still available. Just be sure that upgraded home improvements do qualify as not all Energy Star® products meet the criteria such as:
Electric heat pump water heater with EF (efficiency factor) of 2.0 or greater.
Electric air-source heat pumps with HSPF (heating seasonal performance factor) of 9.O or greater.
Closed loop products with EER (energy efficient rating) of 16.2 and COP (coefficient of performance) of 3.3 or greater.
Open loop products with EER of 14.1 and COP of 3.3 or greater.
DX (direct expansion) products + with EER of 15 and COP of 3.5 or greater.
Central air conditioner that receives the highest efficiency tier established by the Consortium of Energy Efficiency as of Jan.1, 2006.
Natural gas, propane or oil water heater with EF of .80 or greater.
Natural gas, propane, or oil furnace, or hot water boiler with AFUE (annual fuel utilization efficiency) of 95 percent or greater.
Advanced main air circulating fan used in natural gas, propane, or oil furnaces that uses no more than 2 percent of the total annual energy use of the furnace.
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Tax credits are "found money." Grab 'em while you can!
Some of our remodelers here in Asheville wish they had the money to do the upgrades ...ASAP
janeAnne,
This is something we are watching. We have an upstairs AC unit that was obviously struggling last summer. Furnace and AC are in their 17th year, and the tax credit may be just the nudge we need to install something new, and much more efficient.
This is good to know as a Realtor though I alway tell my customer to double check with their CPA. Happy Holidays