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2011 Energy Tax Credits
In 2010, there were significant tax credits for home improvements such as putting in new windows or a new furnace to make your home more energy-efficient. Those breaks are less generous in 2011, but they are still there.
In most cases, the improvements must be made to an existing home that is also your principal residence; new construction and rental units do not qualify. Improvements must meet standards for energy efficiency. In some cases, the cost of installation is not including in calculating the credit.
It also is important to note that if you took an energy tax credit in 2010, any 2011 credit is reduced by that amount.
Some credits include:
Biomass stoves. Tax credit is $300.
HVAC. There is a range of tax credits available, including advanced main air circulating fan, $50; air source heat pump, $300; central air conditioner, $300; gas, propane or oil hot water boiler, $150; and natural gas, propane or oil furnace, $150.
Insulation, 10% of the cost, up to $500.
Metal and asphalt roofs, 10% of the cost up to $500.
Non-solar water heaters, $300.
Windows, doors and skylights, 10% of the cost up to $500; windows capped at $200.
Geothermal heat pumps, 30% of cost with no upper limit.
Small residential wind turbines, 30% of the cost with no upper limit.
Solar energy systems, 30% of the cost up to $500 per .5kW of power capacity.
Fuel cells, 30% of cost with no upper limit.
For more information, click here.