With a week left to file, did you remember your energy tax credits?

I finished my takes last week, and all told we are receiving more than $38,000 in tax credits both federal and state from the installation of geothermal system and other ENERGY STAR products in our home in 2009. There were a lot of changes in the tax code this year so if you made home improvements, be sure to give your tax preparer your receipts so you can determine your deductions for 2009.

To find out about rebates in your state, check out the DSIRE website. The ENERGY STAR website also provides great information about Federal rebates.

Rhode Island Tax Credits

Residential Renewable Energy Tax Credit for Solar Water Heat, Solar Space Heat, Photovoltaic, Wind, Geothermal Heat Pumps

o    Amount: 25%  based on maximum system cost of $15,000 for PV, active solar space heating and wind and based on $7,000 maximum system cost for solar hot water and geothermal

Renewable Energy Sales Tax Exemption

o    Solar Water Heat, Solar Space Heat, Solar Thermal Electric, Photovoltaic, Wind, Geothermal Heat Pumps, Solar Pool Heating

o    100% Exemption

People’s Power & Light – Renewable Energy Certificate Incentive

o    Production incentive for photovoltaic and wind

o    $0.03 per kWh with a 3-year contract

Appliance and Equipment Efficiency Standards

o    Credit amount is based on the product. Proper manufacturer certification will be needed to claim this credit

Federal Tax Credits – visit the ENERGY STAR website for qualifying factors for each credit

Home Improvements

o    Windows & Doors – 10% of cost, up to $200 for all windows, skylights, and storm windows and  10% of cost, up to $500 for exterior and storm doors

o    Roofing –10% of cost, up to $500 for metal and asphalt roofs

o    Insulation — 10% of cost, up to $5000

o    HVAC 

  • $300 for Central AC
  • $300 for Air Source Heat Pumps
  • 30% of the cost up to $2000 for Geothermal Heat Pump
  • $150 for Gas, Oil, Propane Furnace or Hot Water Boiler

o    Water Heaters

  • $300 for gas, oil, propane water heater

o    Biomass Stoves —  $300

Solar Energy Systems

o    30% of the cost up to $2,000 for solar water heating

o    30% of the cost for photovoltaic systems ($2,000 cap no longer applies)

Small Wind Energy Systems

o    30% of the cost, up to $500 per half kW of capacity (not to exceed $4,000)

Fuel Cells

o    30% of the cost, up to $1,500 per half kW of power capacity

 This is the list of tax rebates we applied to our 2009 taxes:

 1. Windows/Doors: $200 for our Pella Windows and $500 for our doors = $700

2. Our composite shingle roof = $500

3. Our spray foam insulation = $500

4. Our Geothermal Heat and AC System = Based on our total cost of $116,754, we have a tax credit of $35,026 federal  and $1750 state credit.

Not too bad I say.

Kimberly Lancaster | follow me on Twitter: newscaster

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