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Good Question: What items apply for the tax credit?

Time is running out on a federal tax credit that could save you money on energy efficient home improvements.

Good Question: What items apply for the tax credit?

If you've been putting off a home improvement project, you may want to act before the end of the year.

"There are a number of tax credits out there for energy efficient home improvements to your home, but a lot of them are going to expire on December 31st," said Angie Hicks of Angie's List.

There are number of items that qualify, items around the house that can save you money in the long run.

Items for the tax credit include:
Biomass Stoves
Insulation
Water Heaters
Roofing
Windows
Doors
HVAC Systems

"If you have a heating and air condition system its going to last anywhere from 15 to 20 years. If you are at 15 years now is probably the time to take advantage of replacing it because you can get up to 30 percent back on the system," said Hicks.

Experts say a more energy efficient model may cost you more now, but it's the tax credit and the savings in energy bills that will really add up.

The credit is 30% of the cost of qualifying energy efficient home improvements.

Up to a maximum credit of $1500 for 2009 and 2010 combined.

A tax credit is a dollar for dollar reduction on the amount of tax you owe.

"Consumers need to do their own research into determining exactly what products are being covered by the tax credit. Don't rely solely on the company you're hiring, talk to your tax consultant as well."

Experts say homeowners need to save receipts and the signed statement from the manufacturer certifying the product qualifies for the tax credit.


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