Take Advantage of the Energy Efficiency Tax Credits

The federal government has extended and expanded home energy efficiency tax credits through 2010 as part of the broader economic recovery package. The energy efficiency tax credits were created earlier this year by President Obama’s economic stimulus package, which focused on encouraging consumer spending, as well as promoting more energy efficiency in housing. The tax credits allow homeowners to claim 30% of the cost of qualified energy efficiency products, up to $1,500, including insulation, windows and doors, roofs, HVAC equipment, and water heaters.

Even in our Ormond Beach marketplace, with our (usually) warm weather and abundant sunshine, there are many ways to take advantage of the tax credits. To earn an energy efficiency tax credit, homeowners must save their receipt for a qualified purchase, print a form provided by the product’s manufacturer and then claim the deduction on their federal income tax return.

Kateri Callahan, president of the Alliance to Save Energy, a Washington, D.C.-based nonprofit that promotes energy efficiency, said, “The new tax credits can help homeowners defray the cost of several types of energy efficiency upgrades, making them more affordable at this time of economic strain for many. By tightening up their homes with added insulation and caulking and sealing of doors and windows, homeowners will enjoy lower heating and cooling costs, too."

The U.S. Department of Energy (DOE) estimates that homeowners can save up to 30% on their heating and cooling bills by adding insulation to adequate levels and air sealing their homes. In addition, an estimated 65% of U.S. homes, about 45 million, are under insulated, according to the Harvard School of Public Health.

To read results of a recent survey conducted by Johns Manville on US views on the tax credits, read the RisMedia article (used as a resource for this blog).

If you are undecided whether or not to pursue energy efficiency measures in your home, consider the resale value of your Ormond Beach real estate. As the country becomes greener, and energy costs continue to rise, your next buyer - in 5 months or 5 years - will want all the energy efficiency in place, that you can build into your home.

Here are a couple of links for you to find out more:

energystar.gov/taxcredits

http://www.energystar.gov/index.cfm?c=products.pr_tax_credits

Use your tax credits now to increase the value of your Ormond Beach property.

Sherry Armstrong, Realtor
386-679-3191
www.ormondbeachflhome.com
www.sherryarmstrong.com
sherry@sherryarmstrong.com