Gold Star Tax Services
Energy Tax Credits for 2011 - Know Your Limits
October 28, 2011

Revised Energy credits for 2011

Are you planning on doing some remodeling to your home this year? Perhaps you already have?  If so then you need to pay attention to the revised energy credits for 2011.  They are not as much as the ones from 2010 however it could still mean a savings of up to $500 in your pocket, come tax time.  Following is a list of what you are entitled to claim for the revised energy credits for 2011.  Please keep in mind that all credits are 10% of the cost with certain caps which are also listed below.  Also be aware that if you claimed an energy credit on form 5695 in the past 2 years, the credit you received will reduce the 2011 credit dollar for dollar until it zero’s out.  This means if I claimed a credit for windows in 2009 for $800, I would not be eligible for a credit in 2011 no matter what I purchased.

  Max. Credit Installation Costs Included?  Requirements
Insulation:  $500 NO Pretty much anything that insulates such as rolled or batt insulation, spray foam, caulk, house wrap, weather stripping.
Windows $200  NO Must be Energy Star Qualified
Ext. Doors $500 NO Must be Energy Star Qualified
Furnace $150 YES Must be 95% efficient
Central Air $150 YES SEER>16  EER>12
Biomass Stove $300 YES Wood, wood pellet, corn, etc.75% Efficient
Metal Roofs $500 NO Appropriate Pigmented Coating
Asphalt Roofs  $500 NO Appropriate Pigmented Coating
Water Heater $300 YES Energy Factor>.82 or 90% effic.

For more information check the Energy Star website.