Not a Scary Money Saving Tip!
What is Energy Star?
On October 3, 2008, President Bush signed into law the "Emergency Economic Stabilization Act of 2008." This bill extended tax credits for energy efficient home improvements (windows, doors, roofs, insulation, HVAC, and non-solar water heaters). Tax credits for these residential products, which had expired at the end of 2007, will now be available for improvements made during 2009. However, improvements made during 2008 are not eligible for a tax credit. So for once, if you have been putting off making those improvements you’ve talked about for years, procrastination may be the better part of valor.
The tax credit for solar water heaters and solar panels, which remained in effect for 2008, has been extended to 2016. If you are building a new home, you do not qualify for the tax credits for "eligible building envelope components" (windows, doors, insulation, roofs) or "qualified energy property" (HVAC & non-solar water heaters). However, the tax credit for photovoltaics, solar water heating, and fuel cells is available for homeowners building new homes.
Not all ENERGY STAR qualified homes and products qualify for a tax credit. Be sure to check www.energystar.gov to see if your home or product qualify.