John, Make sure you clarify to folks that the residential tax credit is a one time credit which will not exceed $2,000 total...although the credit may beMessage 1 of 2 , Dec 8 9:51 AMView Source
Make sure you clarify to folks that the residential tax credit is a one time credit which will not exceed $2,000 total………although the credit may be carried over to future years.
This has proven to produce some confusion in the industry.
Andrew H. McCalla
NABCEP Certified Solar PV System Installer (TM)
Meridian Energy Systems
2300 S. Lamar, Ste. 107
Austin, TX 78704
Voice: (512) 448-0055
Fax: (512) 448-0045
From: firstname.lastname@example.org [mailto:email@example.com] On Behalf Of John Miggins
Sent: Friday, December 08, 2006 10:59 AM
To: Oklahoma Sustainability; firstname.lastname@example.org
Cc: email@example.com; firstname.lastname@example.org
Subject: [hreg] Fw: Need an End-of-Year Tax Deduction?
Solar hot water and solar electric also have tax credits up to $2000 each effective for tax years 2006 and 2007-
see the below for other tax credits-
pay uncle sam or pay yourself
Harvest Solar & Wind Power
"renewable solutions to everyday needs"
----- Original Message -----
From: Mother Earth Living
Sent: Friday, December 08, 2006 10:12 AM
Subject: Need an End-of-Year Tax Deduction?
December 8, 2006
Need an End-of-Year Tax Deduction?
by Sarah Allen, Mother Earth News Editorial Intern
Now improving the energy efficiency of your home not only lowers your energy bills every month but pays off at tax time too! The Energy Policy Act of 2005 allows homeowners to claim a tax deduction of up to $500 in 2006 and 2007 for home energy efficiency improvements.
For existing homes, the tax credit is 10 percent of the final cost of qualified energy efficient products for a maximum of $500.
Adding insulation to your home is one of the easiest ways to save money on your utility bills and qualify you for the energy tax deduction, according to the North American Insulation Manufacturers Association (NAIMA). Improved levels of insulation also increase comfort and make other energy efficiency improvements pay off faster.
You should keep your receipts when you purchase the insulation and other energy efficient products that qualify for the tax credit. You also need to get a certification statement from the insulation manufacturer clarifying that the insulation product installed actually qualifies for the tax credit. For the contingencies of qualifying for the tax credit, check the IRS guidelines.
For more information on energy efficiency, read Get Cash Back for Energy Improvements from the August/September 2006 issue of Mother Earth News, visit The Tax Incentives Assistance Project site, or read All About Insulation from the December/January 2002 issue of Mother Earth News.
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