In 2010, homeowners can again claim tax credits for making certain energy-saving improvements to their home. These credits include the (1) Qualified Energy Efficiency Improvements and Residential Energy Property Expenditures Credit and (2) Residential Energy Efficiency Property Credit.
Under the Qualified Energy Efficiency Improvements and Residential Energy Property Expenditures Credit, homeowners can receive a credit of 30% of the costs of qualified energy-efficient property or improvements. Improvements include insulated walls or ceilings; energy-efficient exterior doors and windows, including skylights; specially treated metal or asphalt roofs; and a high-efficiency furnace, water heater or central air conditioning system. The improvements must have been made to the principal residence in the United States and the maximum credit is $1,500.
The 30% Residential Energy Efficiency Property Credit applies to costs for qualified residential solar panels, a geothermal heat pump, solar water-heating equipment, qualified solar electric property costs and small wind-energy property. This credit has no dollar limit or principal-residence requirement. A second 30% credit for qualified fuel-cell plants has principal-residence and kilowatt-capacity requirements, and cannot be greater than $500 for each 0.5 kilowatt of capacity.
