Loan Financing - We recommend local mortgage professionals for your needs. Inquire within. Credit Card Financing - we take Visa and Mastercard for remodeling projects for your convenience. Inquire within. Energy Tax Credits Available in 2009 for Existing Home Owners Residential remodelers may use the newly enacted tax credit for energy-efficient home improvements as a financial incentive to encourage more customers to go green on their renovation projects in 2009. The IRS Section 25C tax credit for existing homes, which expired at the end of 2007, has been reinstated this year as part of the package President Bush signed in October, a bill that also included a $700 billion to shore up the mortgage and banking industries. The tax credits have been extended through the end of 2009. With the newly enacted legislation, home owners can receive tax credits for installing energy-efficient windows, doors, roofing and insulation as well as furnaces, air conditioners and heat pumps. Details on qualifying improvements are available at the IRS Website – Improvements Remodelers can encourage their customers by becoming familiar with the model types and products that qualify for the tax credit – but home owners must submit the appropriate forms with their tax return. Home owners should retain records that include product information and a certification statement from the manufacturer indicating how the product qualifies for the tax credit. They do not need to submit the paperwork to the IRS, nor do they need the manufacturer’s sales receipt. The record for each product should include: - Name and address of the manufacturer
- Identification of the component
- Make, model or other appropriate identifiers
- Statement that the component meets the 25C standards
- Climate zones for which the criteria are satisfied
- Additional information for storm windows, if applicable
- A declaration that the certification statement is true
Alternatively, the home owner can use the Energy Star certification of the product, if available. |