Making your home more energy efficient is good for your wallet and the environment. And now is the perfect time to make these improvements because many of them qualify for Federal and State of Illinois Home Energy Efficiency Improvement Tax Credits when completed by the end of 2010.
Here are three qualifying upgrades:
1. New Central Air Conditioner
Earn a federal tax credit of 30% of the cost of equipment and installation, up to $1,500 through December 31st 2010, for qualifying split systems and package systems.
2. New Furnace or Boiler
Earn a federal tax credit of 30% of the cost of equipment and installation, up to $1,500 through December 31st 2010, for qualifying natural gas, propane or oil-fired furnaces or boilers.
3. Conventional Hot Water Heater or Tankless Water Heater
Earn a federal tax credit of 30% of the cost of equipment and installation, up to $1,500 through December 31st 2010, for qualifying natural gas, propane or oil-fired storage tank-type or tankless water heaters or electric heat pump water heaters.
Illinois ENERGY STAR® Appliance Rebate Program
In addition to federal tax credits, Illinois is offering the ENERGY STAR® Appliance Rebate Program, funded by the American Recovery and Reinvestment Act and the Illinois Department of Commerce and Economic Opportunity. This program provides incentives for Illinois consumers to replace older appliances with specific residential ENERGY STAR qualified appliances, water heaters, and HVAC equipment.
You must act quickly, this is a limited time program with a set budget.
ABC can help you choose a qualifying air conditioning,
furnace or hot water heater that best fits your needs.
For information on Federal Home Energy Efficiency Improvement Tax Credits, visit: http://www.energy.gov/taxbreaks.htm
For information on the Illinois ENERGY STAR® Appliance Rebate Program, visit: http://www.ildceo.net/dceo/Bureaus/Energy_Recycling/Energy+Star+Rebates/
Disclaimer: ABC does not advise on any tax requirements or issues. Use of any information from this site or any other web site referred to is for general information only and does not represent personal tax advice either express or implied. You are encouraged to seek professional tax advice for personal income tax questions and assistance.