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Saturday, July 10, 2010

Understanding Our Energy Star Tax Credit

By: Dan Mackin

I still find it hard to believe so many people do not know much about our tax credit we can still receive until December 31, 2010. Theses tax credits not only apply to windows and doors, but some roofing materials as well. In these hard economic times stretching your dollars is very difficult. If you were told the money you spend today can help you save on your energy bills immediately, you may give this another thought. Since some of the money spent will be a tax savings at the end of this year this, should be music to your ears. Here are some of the facts to help you better understand. If some of this is still confusing please do not hesitate to give us a call 636-887-2097 or go to http://www.energystar.gov/index.cfm?c=tax_credits.tx_index

How much: 30% of the cost (not including installation/labor costs), up to $1,500


Timing: Tax credit in effect in 2009 and 2010. Must be installed in your "principal residence" between January 1, 2009 and December 31, 2010.Tax credit in effect in 2009 and 2010. Must be installed in your "principal residence" between January 1, 2009 and December 31, 2010.

Details:
From June 1, 2009 - December 31, 2010 windows (and doors and skylights) must have a U-factor and Solar Heat Gain Coefficient (SHGC) less than or equal to 0.30.
From January 1 - May 31, 2009 all ENERGY STAR qualified windows, doors, and skylights qualify, except for doors in several counties in California**.
You do not have to replace all the windows/doors/skylights in your home to qualify. And it doesn't need to be a replacement either - installing a new window where there wasn't one previously (like in an addition) would qualify.
More information on the windows/doors tax credits.

Find qualified models:
We do not have a list of qualified windows, doors, or skylights.
You can find the U-factor and SHGC on the National Fenestration Rating Council (NFRC) label. See an example of the NFRC label. NFRC is the only federally recognized organization for determining the energy performance of windows, doors and skylights. Please see the NFRC website for information concerning product performance.

How to apply:
File Tax Form 5695 with your tax return.
You must have a Manufacturer's Certification Statement to qualify.

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