People
who install energy efficiency systems may not only save themselves
money over the long haul, but thanks to federal tax credits, they
could save money now as well. But these credits may not be what you
thought they were.
For example, those who filed their taxes for 2010 were the last were
able to take advantage of most of the residential tax credits. This
includes credits for doors, roofs, insulation, HVAC and windows. Despite
this, the tax credit for solar water heaters and solar panels remains
in effect through Dec. 31, 2011.
The tax credits for the energy efficiency systems that deal with solar
power are available for those who installed systems that were placed
into service from January 1, 2006 to Dec. 31, 2011. The tax credit
is equal to 30 percent of the system. The cap for this is at $2,000.
Energy efficiency systems can come in many forms, but it is important
to make sure the systems meet federal mandates if you are hoping to
receive tax credits.