"2011 Federal Tax Credits"
March 25, 2011
**Please note, not all ENERGY STAR qualified home products meet the federal tax credit. These tax credits are available for a number of products at the highest efficiency levels, which typically cost much more than standard products. If, for whatever reason, you decide not to purchase a product covered by the tax credit, you may still consider purchasing a minimum standard product. Either way, your new "Comfort System" will pay you back in lower energy bills within a reasonable amount of time. The higher in efficiency, the faster pay back on your INVESTMENT! Please consult with one of Cypress Comfort Specialist regarding qualified equipment.
Tax Credits for Consumers:
Home Improvements
Tax credits are now available for home improvements:
- Must be "placed in service" from January 1, 2011 through December 31, 2011.
- Must be for taxpayer's "Principal Residence".
- $500 is the maximum total amount that can be claimed for all products placed in service in 2011 for most home improvements, EXCEPT for geothermal heat pumps, solar water heaters, solar panels, fuel cells, and windmills which are not subject to this cap, and are in effect through 2016.
- Must have a Manufacturer Certification Statement to qualify.
- For record keeping, save your receipts and the Manufacturer Certification Statement.
- Improvements made in 2011 will be claimed on your 2011 taxes (filed by April 15, 2012) — use IRS Tax Form 5695 (2009 version),
- If you are building a new home, you can qualify for the tax credit for geothermal heat pumps, photovoltaics, solar water heaters, small wind systems and fuel cells, but not the tax credits for windows, doors, insulation, roofs, HVAC, or non-solar water heaters.
