Now is the time to increase your home's energy efficiency, lower your taxes and utility bills and reduce your impact on the environment. The American Recovery and Reinvestment Act entitles you to an energy tax credit of up to $1,500 on energy-efficient building materials like insulation .
You can take the energy tax credit in 2009 and/or 2010 and you'll save money for years to come! According to the ENERGY STAR® program, installing adequate insulation can save you money on utility bills. And you'll be reducing your carbon footprint by using less oil, gas and electricity.
Owners of existing homes can receive tax credits of up to 30% of the cost of components when upgrading the efficiency of their building's envelope. Components eligible for the credit include insulation materials and systems (including vapor retarders) designed to reduce heat loss or gain in a home. The total amount of credits for building envelope measures and other qualified energy-efficiency improvements is up to $1,500. To qualify, a component must meet or exceed the criteria established by the 2009 International Energy Conservation Code (including supplements) and must be installed in the taxpayer's primary residence in the United States between January 1, 2009 and December 31, 2010.
Reichel Insulation offers qualifying insulation for the Energy Tax Credit.
RetroFoam and CertainTeed are Energy Star approved product. Therefore, when you install any of these products, you are eligible for a 2009-2010 federal tax credit worth up to $1500 or 30% of the installation costs!
Note that the credit applies only to the cost of the product and does not apply to the labor/installation of materials or systems - be sure to keep all your receipts and/or ask your contractor to itemize the product costs for you.
RetroFoam and CertainTeed is required to provide a certification that their products meet the requirements of this provision. Download the forms here (click on Certificate Statement), complete and keep it with your tax records. When completing your taxes use IRS Tax Form 5695 (version 2009). This form for 2010 should be available in late 2010 or early 2011 at www.irs.gov.
