Energy Efficient Upgrades in Your Home Can Have Tax Benefit

The New American Recovery and Reinvestment Act of 2009 does not just encourage buyers to buy but also provides tax incentives to make your home more energy efficient.

See below what the National Association of Realtor’s (NAR) had to say on its site:

“Home Energy Investments in Stimulus

Among many provisions, H.R. 1, the “American Recovery and Reinvestment Act of 2009,” invests significantly in making housing and buildings more energy efficient. It provides:

  • $6 billion in state energy efficiency and conservation grants for energy audits and financial incentives,
  • $5 billion for a modern electricity grid and home smart meters that save money on power bills, and
  • $5 billion for weatherization assistance and $2 billion for federally assisted housing (section 8).

Through 2010, homeowners will be able to claim a 30% tax credit (up from 10%) for purchases of new furnaces, windows and insulation. The energy efficiency grants, new funding for Brownsfields redevelopment, and Energy Department Loan guarantees to develop on-site alternative energy sources will especially benefit commercial real estate. ”

Quoted From NAR

Consult your Tax Advisor.

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