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Jay Matus is President, JTM General Contracting LLC

Are There Federal Tax Credits Available For Energy-Efficiency Projects?

Yes, with the holidays now behind us it a good time to think about planning for various projects for the full-year 2012 that will make your home use of energy more efficient. By taking advantage of federal tax credits through the government-backed Energy Star program, homeowners can save up to 33 percent on utility bills. For example, in 2010 consumers saved some $18 billion dollars on utility bills while reducing environmental footprints, enhancing their comfort and maintaining or increasing the sales value of their homes. There are indications that the U.S. government is going to be even more aggressive in this area in 2012. 

When the tax credits are combined with utility bill savings, many projects – whether appliance purchases or larger improvements – can completely pay for themselves in just a couple of years. Of course, financial and environmental returns and other benefits generated by these investments will continue for decades. Tax credits range from 10 to 30 percent of qualifying purchases and improvements; just retain copies of receipts to claim the credit on your taxes. It is likewise prudent to consult your accountant prior to large projects to fully understand what deductions will be possible.

Visit the Energy Star FAQ site for more information on the following eligible items: roof systems, heating, ventilating and air conditioning systems, windows, doors and skylights, insulation, lighting, programmable thermostats, clothes washers, dishwashers, refrigerators and air conditioners. 

Submit your home improvement or maintenance question to Jay at jtmgeneralcontracting.com and check back soon.