From Friday's inbox:
Secretary Chu Highlights Recovery Act Tax Credits for Home Energy Efficiency Improvements
Visits Pennsylvania Energy Efficient Window Manufacturer with U.S. Representative Kathy Dahlkemper
ERIE, Pa. – Today while visiting Seaway Manufacturing Corporation – an energy efficient window manufacturing company in Erie, Pa. – Secretary Chu highlighted the tax credits available to American families as a result of the American Recovery and Reinvestment Act. Taxpayers are eligible for up to $1,500 in tax credits for a range of home energy efficiency improvements – such as adding insulation, installing energy efficient windows, or replacing water heaters.
“Investing in energy efficiency is one of the quickest and most cost-effective ways reduce the energy bills in your home,” said Secretary Chu. “We want to make sure that families that made those investments are taking advantage of the Recovery Act tax credits, which can put up to $1,500 into their pockets.”
“Thanks to the Recovery Act, homeowners can save as much as $1,500 in tax credits for energy improvements—a major savings for families. With quality, energy efficient products made right here in Erie, homeowners in our region can save money and support local businesses at the same time,” said Rep. Dahlkemper. “Western Pennsylvania boasts an innovative and hardworking manufacturing base; our region is poised to be a leader in new energy technologies.”
The Recovery Act expanded residential efficiency tax credits for some energy-efficiency improvements, including replacing doors and windows, upgrading heating, ventilation and air conditioning equipment, adding insulation, or replacing a water heater. Through 2010, homeowners can receive a tax credit for 30 percent of the cost of the improvements, up to $1,500.
Secretary Chu reminded taxpayers that they can collect on those benefits this year as they file their 2009 tax returns, and can continue to receive tax credits through the end of this year. To help make sure that taxpayers are aware of the Recovery Act benefits they are eligible for this year, the Obama Administration launched a new interactive Tax Savings Tool, which can be accessed HERE.
These tax credits are in addition to the energy and cost savings that come with energy efficiency. Investments in efficiency products can save homeowners up to 40 percent on energy costs over the long-term.
Consumers who installed renewable energy systems in their homes, including solar panels, geothermal heat pumps or wind turbines, are also eligible for tax credits for 30 percent of the cost of the systems, which are available through 2016. Additional detail on the renewable energy tax credits is available HERE.