Existing Home Energy Efficiency Tax Credit Available
American Tax Payer Relief Act of 2012 - 25C Tax Credits extended for 2012 & 2013
The American Tax Payer Relief Act of 2012 (Title IV "Energy Tax Extenders") extends the IRS Section 25c tax credit for energy efficient retrofits to existing homes
Owners of existing homes can receive tax credits of up to 10% of the cost of components when upgrading the efficiency of their building's envelope. Components eligible for the credit include insulation materials and systems (including vapor retarders) designed to reduce heat loss or gain in a home. The total amount of credits for building envelope measures and other qualified energy-efficiency improvements has been returned to the original maximum of $500. To qualify, a component must meet or exceed the criteria established by the 2003 International Energy Conservation Code (including 2004 supplements) and must be installed in the taxpayer’s primary residence in the United States between January 1, 2012 and December 31, 2013.
To help you determine how much insulation you will need and if you qualify, please inquire and ask our insulation expert.
Note that the credit applies only to the cost of the product and does not apply to the labor/installation of materials or systems - be sure to keep all your receipts. When completing your taxes, use IRS Tax Form 5695. This form is available at www.irs.gov.
ENERGY STAR (energystar.gov) can help you with conducting home energy audits. Check out the Tax Credit Information on energystar.gov.
The US Department of Energy (energy.gov) can help you calculate R-values in your area.
Energy Incentives for Individuals in the American Recovery and Reinvestment Act can be viewed at IRS.gov.
For more information, to help you determine how much insulation you will need and if you qualify, please inquire and ask our insulation expert.