On February 17, 2009, President Obama signed a stimulus bill (The American Recovery and Reinvestment Act of 2009) that made some significant changes to the tax credits available to homeowners for energy efficient improvements for improvements made between 1/1/09 – 12/31/10 . Among the changes:
The tax credit has been raised from 10% to 30%. The tax credits that were for a specific dollar amount have been converted to 30% of the cost. The maximum credit has been raised from $500 to $1500, although improvements such as geothermal heat pumps, solar water heaters, and solar panels are not subject to the $1,500 maximum.
Visit Energy Star’s website for further explanation of the new Federal Tax Credits for Energy Efficiency.
