Are you eligible for a Home Energy tax credit?

June 15, 3:51 PMCharlotte Interior Improvement ExaminerJenny Wagner

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Here's some good news for homeowners.  There are several tax credits being offered by the government that could save you money.  These are all part of the economic stimulus bill that President Obama signed in February 2009.  The government is offering a Home Energy tax credit under the following provisions:

Energy Efficiency Tax Credit -  If you have new insulation your home, purchased energy-efficient windows or done in other home improvement that is energy efficieent,  in 2009, you can may be eligible for a $ 1,500.00 energy efficiency tax credit!  The energy efficiency tax credit only applies to equipment and materials, and does not  the cost included for labor.  You cannot receive the energy efficiency tax credit for home improvements made in 2008.

Energy Tax Credit for Hybrid Cars - This has nothing to do with the home, but it's too good of a tax credit not to mention.  This is an enormous tax credit.  The first 200,000 people to purchase a hybrid car (one that plugs in) is eligible for a $ 7,500 tax rebate!  That is a $7,500 Energy Tax Credit for Plug-in Hybrid Cars. 

State Energy Tax Credits - The government has authorized a $ 800 million program that encourages individual states to create Energy Tax Credits of their own.  This is being referred to as the "Wildcard Tax" by many, as the incentives can vary from state to state.  Just be aware of the possibility of this Energy Tax Credit, and take advantage of the programs being offered by your state.

For a full list of the available Federal Tax Credits for Energy Efficiency, visit the Energy Star website.  Energy Star has a comprehensive list of the Home Energy tax credits, and an explanation of how each one may affect you.

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SOURCES:  The Daily Green, Energy Star,Yahoo