Time Is Ticking on Taking Certain Energy Credits

Time Is Ticking on Taking Certain Energy Credits

By John Voket

According to a report by Chicago's Center for Neighborhood Technology - part of the recent “fiscal cliff” legislation provided certain tax credits for home energy efficiency improvements. These tax credits, coupled with financial incentives available for energy efficiency improvements, are available right now to qualified applicants in various states.

In Illinois for example, applicants could receive an instant rebate of up to $1,750
from Energy Impact Illinois and their local utility. According to the report,
homeowners can also claim another credit of up to $500 for the very same
improvements, so long as they are eligible under a state tax
extension.

The Energy Efficiency Business Coalition (EEBC) reminds builders and homeowners that certain energy-efficient home products must be “placed in service” before December, 31, 2013. And remember - taxpayers, who claimed $500 or more of this credit in prior years, particularly 2009 and 2010, can no longer participate.

A credit of $2,000 is available to builders who develop site-built and manufactured homes projected to save at least 50 percent of heating and cooling energy based on standards in the 2006 International Energy Conservation Code.

A $1,000 credit is available to manufactured home producers for models that save 30 percent or that qualify for the federal Energy Star Homes program. These credits are available for buildings or systems placed in service before December 31, 2013.

See a state-by-state breakdown of energy efficiency programs courtesy of the nonprofit ACEEE (American Council for an Energy-Efficient Economy) by clicking visiting aceee.org/sector/state-policy.