Congress and President Obama passed legislation that extends federal tax credits for energy-saving upgrades another year. The tax credits were set to expire at the end of 2010 but have been extended until December 31, 2011. However, the incentive has been reduced to 10%, up to $500. In 2010, the incentive was 30% up to $1,500.00.
Included are provisions limiting window incentives to $200, oil and gas furnace and boiler incentives to $150-$200, and water heater and wood heating system incentives to $300. As part of the legislation, Congress tightening the specifications for oil furnaces and boilers and gas boilers to 95% efficiency, up from the 90% efficiency in current credit.
It’s great to know that there are Federal Tax Credits to use for energy efficiency in 2011. Now it’s important that you don’t procrastinate until December 2011 to use them.
To stay up on the Federal Tax Credit regulations visit www.energystar.gov .