The Energy Tax Credit: the End is Near
November 30, 2011
There isn’t much time left, but you can still take advantage of the Energy Tax Credit that expires at the end of this year. Unlike last year’s, the 2011 Energy Tax Credit will not be extended so this is your last chance. If you are interested in understanding what the Tax Credit means for you, read on for answers to some common questions that have come our way:
Why is the government providing this for us?
Energy is expensive and in some cases, uses up many non-renewable resources. Our government officials know that it is necessary to take steps toward making U.S. homes more energy efficient, so they provided help for homeowners who are looking to make the initial investment. Those who take advantage of the stimulus will save big in the long run. 
What does the 2011 Tax Credit provide?
10% Credit up to maximum of $500 on energy efficient products
$200 eligibility for energy efficient windows and skylights
$500 for eligible doors
Specifications:
- Must meet energy program requirements
- Must be installed in a taxpayers primary residence
- Must be installed by December 31, 2011
If you have claimed an energy efficient tax credit under the 2009-2010 Tax Credit, your best option is to consult a tax professional to determine your remaining eligibility for this credit. Why?
Because the tax credit has “lifetime limits” from the years 2006-2011. That means this credit is like an extension of the previous one for $1,500, not an entirely new credit.
Products:
Insulation
…With the primary purpose of reducing heat loss or gain in your home, so not all products qualify.
Click the following link to see the most economic insulation level for your home: Zip Code Insulation Calculator
Where to Insulate?
- Attic Spaces*
- Ducts - Basements – Foundations
- Cathedral Ceilings - Crawl Spaces - Slab-on-garage floors
- Exterior Walls*
- Floors Above Unheated Garages
*Save BIG here!
Nearly 25% of your home’s wall surface is made up of wooden studs which are entirely uninsulated (walls have insulation between the studs, but not over them). That is like having one whole wall of your home without any insulation! Heat by-passes the insulation in your walls and escapes across these wooden studs. This process is called thermal bridging, and it’s costing you money every day!
Watch this video for a good visual explanation: Thermal Bridging
Another good resource: Insulated Siding
Roofing
Metal and Asphalt: but only if such roof has appropriate pigmented coatings or cooling granules which are specifically and primarily designed to reduce heat gain.
Look for the Energy Star label on products to determine if they qualify!
*GAF Cool Series is a line specifically with energy efficiency in mind and will qualify for the tax credit.
Windows, Doors & Skylights
“The National Fenestration Rating Council (NFRC) operates a voluntary program that tests, certifies, and labels windows, doors, and skylights based on their energy performance ratings. The NFRC label provides a reliable way to determine a window’s energy properties and to compare products.
The NFRC label can be found on all ENERGY STAR® qualified window, door, and skylight products, but ENERGY STAR bases its qualification only on U-factor and SHGC ratings.” – U.S. Department of Energy
What does this mean in plain English? That the NFRC rating has higher standards than the Energy Star rating. Only the Energy Star rating is needed to qualify for the tax credit, but for optimum performance, see what the NFRC has to say.
How do I file for my energy tax credit?
1. Purchase qualifying products
2. Keep the Energy Star labels or PRINT the Manufacturer’s Certification Statement
3. Claim this Tax Credit on your 2011 Federal Income taxes
Want to get started or have more questions?
Call us while there is still time to schedule an installation before the year’s end: (908) 245-1071
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