If you are a homeowner who neglected to take advantage of the energy tax credits in 2010, you will get another chance in 2011. This is a great relief to many who thought they missed the cut-off. We owe our thanks to the extension of the energy-efficiency improvement tax credits.
Supported by the Obama Administration, and passed by both houses of Congress, the extension as part of the legislation that renewed the Bush-era tax cuts. It allows individuals to receive tax credits for installing qualifying energy-efficient items, such as windows, doors, water heaters, roofs, insulation, heating and air-conditioning units, and biomass stoves. In order to claim the credit, these items must be installed at your principal residence.
Unfortunately, the extension has a significant reduction in the tax-credit amounts from 2010. In 2011, the credit cap will be reduced from $1500 to $500, and the credit percentage will vary depending on what improvements are made. The tax credit is also retroactive to December 31, 2005, meaning a homeowner who has claimed at least $500 in energy-efficiency tax credits between 2006 and 2010 will not be able to do so in 2011.
The Governor’s Energy Office (GEO) has collected the most comprehensive resource of energy-related rebates and incentives available anywhere. You can use this tool to find Federal and Colorado rebates, as well as incentives and offers from manufactures and retailers. Click here to get started.
Daniel J. Beckerle
303 261 2732 (cell)
303 526 2277 (office)
303 845 8311 (fax)