Tax Credits Available for Winterizing Homes

Homeowners making energy-saving improvements this fall can cut their winter heating bills and lower their 2010 tax bill as well. According to the Internal Revenue Service, last year’s Recovery Act expanded two home energy tax credits: the Nonbusiness Energy Property Credit and the Residential Energy Efficient Property Credit.

The Nonbusiness Energy Property Credit equals 30 percent of what a homeowner spends on eligible energy-saving improvements, up to a maximum tax credit of $1,500 for the combined 2009 and 2010 tax years. The cost of certain high-efficiency heating and air conditioning systems, water heaters and stoves that burn biomass all qualify, along with labor costs for installing these items.

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