Like many of you, I read the paper and listen to the news about the stimulus package and am left wondering how that money will be put to use in ways that affect my community, specifically you, my clients as it relates to your home improvement projects.
As it turns out, the stimulus package does have a provision that will help many of you out beginning in 2009. Michelle Singletary’s 2/22/09 Washington Post article, The Color of Money, notes the tax credit increase from 10% to 30% for qualified energy efficiency improvements to existing homes (max $1500). But even more than the heating and air conditioning units mentioned, qualifying improvements are items that met specific efficiency ratings and are part of most renovation projects as a matter of course including:
- Window, Doors, Skylights,
- Roofing,
- Insulation,
- Water heaters.
In addition to those tax credits, many appliance manufacturers (think Kitchen and Laundry) and local utility companies offer rebate programs when you purchase Energy Star compliant units. So when the time comes to research your purchases, check out www.energystar.gov to see what is available.
