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February 28, 2012
Energy Efficiency Can Lower Your Tax Bill
According to the Pacific Daily News, homeowners who made energy efficient upgrades to their homes can claim an energy efficient credit to offset some of the costs related to the purchase of energy efficient equipment and appliances.
"Congress wanted people to invest in energy saving equipment for their home. Up to 30% of the cost is covered by the tax credit," said Joe Arnett, partner for tax services at Deloitte and Touche LLC.
The nonrefundable credit is available for individuals who installed alternative energy equipment in their principal residence.
"Nonrefundable means you can't use the credit and create a refund, but you can use it to offset any tax you do owe," Arnette said. Also, if there is an excess amount the tax filter can claim, it can be carried over and used next tax year.
"There is a limit to claim, based on your tax liability," Arnett said.
The credit is available for the cost of solar water heaters, solar electricity equipment, qualified small wind energy property, geothermal heat pumps and fuel cell plants, according to the Internal Revenue Service web site.
The qualifying equipment must be installed and in use before Jan. 1, 2017, Arnett said.
The credit also is available for condominium owners.
"So even people who live in condos can claim this credit, based upon the percentage of cost that is allocated to them."
"It's recommended that tax filers who wish to claim the tax credit keep receipts of their purchases to prove elegibility."
Another great reason to "go green."
I'm a Master Naturalist and an outdoor enthusiast -- mostly kayaking, and I live on a Peninsula in the Chesapeake Bay. I'm the author of The Nature Fan, Nature Fan Activists, Green Earth Almanac, and Amanda's Geographic. Formerly, I ran the nationally syndicated column "National Green Activism" for The Examiner, and I was a key factor in the success of many campaigns. Make sure you don't miss a post, and subscribe by email! Thanks for reading.