Your home may be one of the millions of homes that were built less than 10 years ago. If so, then there is a big chance that your home is not insulated properly, and therefore losing anywhere from 10%-50% of its energy every year. In 2005, a national energy bill was signed into law. The best part of the bill was that it included energy-efficient tax credits to anyone who chose to make improvements to their existing homes.
Insulating your home properly will not only save you a lot of money on a yearly basis, but it will also make your home more "energy friendly." Many homeowners never wanted to take the time to properly insulate their homes, but now they have a great reason to get the insulation work done properly. Homeowners are eligible for a nice tax credit should they choose to get their homes insulated properly.
Insulation Tax Credit
The insulation tax credit for homeowners will refund each homeowner 30% of the cost, up to $1,500.00. This credit can be used on existing primary residences. This insulation tax credit has been going since 2009. It was extended through 2010, and by all accounts will be extended through 2011 and beyond.
Requirements
To take full advantage of this tax credit, you have to use insulation material or an insulation system that is specifically designed to produce the heat loss/heat gain of your home. The primary purpose of the installation must be to insulate your home. Not sure what doesn't qualify? Something like insulated siding on your home will not qualify, as this is not an insulation system that is designed to produce heat loss or heat gain within your home.
You must also meet the 2009 International Energy Conservation Code (IECC) and all amendments to the IECC Code. Remember, this credit does not include any deductions from insulation and labor costs. The credit is based on the amount of your heating bill at year's end, up to $1,500.00.
Not many homeowners realize the importance of getting their homes up to proper energy efficiency, and many just don't care. There was never really a reason to do it, unless you were looking to save some money. Most homeowners figured that the amount of money they would spend on insulation and labor was not worth the money that they would end up saving.
The government has now given homeowners a reason to make the adjustments, besides the fact that their homes would be more "energy friendly." In today's tough economic times, it is important for homeowners to gain tax credits wherever they can. The national energy bill credit is just one of many energy-related credits available to homeowners. If you add up how much you will save every year on your heating costs by installing proper insulation, then add a 30% tax credit to that number, you are coming out on top. Thirty percent of $1,500.00 is $450.00. That is a pretty nice tax credit.
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