The 1500 Tax Credit is not as generous but is continuying
If you know about them, 1500 Tax Credit can help you get more money back on your taxes. These energy saving purchases are considered in the interest of energy conservation everywhere and therefore rewarded as a tax incentive. Since February in 2009 there is a rebate that allows you to get a 1500 tax credit on Energy Star windows, doors, or a skylight. It has changed a little since and is a bit different for the 2011 year. The 1500 Tax Credit was a little more generous in the past with what qualified and what did not, but it is still a good credit to be able to file for. If you are planning on updating your home you may want to look at the specifications to do that in an energy efficient way so you can make back some of the money you have spent. If you get a lot of money back you may even make more updates to your home or get ahead on your payment.
Generous 1500 Tax Credit
The 1500 tax credit was a generous one, to say the least, and the tweaks meant that the tax payer would not get as much back in 2011. The new 1500 Tax Credit has similar guidelines, but with restrictions. For example, for exterior doors you are qualified for only up to $500.00, and for windows you are qualified up to $200.00. As a rule both the doors and windows must be installed to improve your existing homes energy usage. It has to be the main home and be installed by December 2011. In addition to the 1500 tax credit there are several other tax credits for energy efficiency 2011. These include HVAC, wind and solar systems, roofing, insulation, and many other energy efficient updates that you can make to your home. There are certain guidelines you will need to follow in order to qualify for the credit. For example, tax credits that you can get for installing more energy efficient windows are only applied if the windows lower your power bill by a certain percentage. The windows must be labeled with Energy Star and they have to be installed in your primary residence. You do not have to replace all your windows to get credit, but the power saved needs to be significant.
In order to claim the 1500 tax credit you will need to claim it when you do your taxes. You will not be qualified for the credit if you have already applied for it in previous years. Coupled with the energy tax credits 2011 you should be able to get a pretty decent return on your taxes. Buying energy efficient cars, furnaces, and other additions to your home will be more expensive but the money you will save in the long run is worth it. Those savings plus the incentives on your taxes make energy efficiency the only way to do updates to your home. Make sure you visit the US Department of Energy website to learn about the different incentives as well as the specifications you will need to follow to get your 1500 Tax Credit.