Stimulus tax credits for energy-efficient home upgrades
Now is a great time to upgrade your home's exterior doors, windows, roof, insulation, water heater, furnace, or HVAC. Homeowners may claim a tax credit for eligible energy-efficient or renewable energy home improvements costs.
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| | |  Energy Tax Credit Home Profile: Olivia
Olivia decided to replace her old furnace to save on heating costs. On March 14, 2009, she purchased a new energy-efficient furnace for $5,000. Her new furnace qualifies for the ARRA Non-Business Energy Property Tax Credit, so Olivia can claim the full 30% tax credit on the new furnace price when she files her 2009 federal income tax return.
Olivia's Furnace Upgrade Cost:
| | $5,000 | | New Furnace Purchase Price |
| – | $1,500 | | ARRA Energy Tax Credit for 2009 |
| = | $3,500 | | True Cost to Olivia with Tax Credit |
This profile is provided for illustrative purposes only. It is not intended to provide actual tax savings or financial advice. Consult your tax advisor.
To estimate the True Cost of your energy-efficient home improvements, click here.
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