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Fix Up Your Home and Get Money Back
The temperature is dropping by a few degrees each day, which means it’s time to bundle - both yourself and your house. Luckily, Americans can take advantage of a $1500 federal tax credit for fixing up the old homestead, as long as you do it in an energy efficient way.
The $1500 credit is the total amount you can claim for any and all improvements you make, with the exception of a few items on this list that have no credit cap. It applies for the rest of this year and all of the next. So if you use it all up now on one or two items, you won’t be able to get another credit next year. However, if you are married, your spouse can also apply for a credit, increasing your household budget.
Also, it’s important to remember that the credit only applies to improvements made on your primary residence. So if you were looking for an excuse to finally fix up your beach home in the Hamptons, this isn’t it.
Here’s our breakdown of what improvements you can make to your home, and how much money you can save doing it.
Photo Credit: leedsyorkshire
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Windows and Doors
You can get 30% off these items, for up to $1500. There are several detailed specifications that must be met, like having a Solar Heat Gain Coefficient of 0.3 or less. (We're not entirely sure what that means, but it may have something to do with your home gaining powers from the yellow sun but not the red sun.) The simplest way to tell is to check if it has been certified by the National Fenestration Rating Council. If it has an NFRC label, you’re good to go. Check here for listings of certified goods.
Photo Credit: anyjazz65
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Roofing
Homeowners can save 30% on metal and asphalt roofs up to $1,500. Check here for a list of roofs that qualify under the plan.
Photo Credit: thejonoakley
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Wind Energy System
It may feel funny to put a small wind turbine in your backyard, but all your neighbors will know you’re saving big bucks on upkeep for your home. Wind turbines can decrease your electric bill by as much as 90 percent each year, and may even increase the value of your home. Best of all, for this particular item, the tax credit covers you at 30% of the total cost, with no limit.
Photo Credit: tswind
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Geothermal Heat Pumps
The first question you probably have is what is this? According to energystar.gov, these heat pumps use “the ground instead of outside air to provide heating, air conditioning and, in most cases, hot water.” By using natural heat from the ground, they are much more efficient and save you money in the long run. And similar to the wind energy system, you get 30% off this purchase with no limit on what you spend.
Photo Credit: Phillie Casablanca
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Central A/C
Having a tough time remembering the last time your air conditioner actually kept you cool? If so, consider upgrading. The credit covers 30% of the cost up to $1,500 and covers split systems and package systems. If you don’t know which you have, just check here.
If you have a model in mind, you can verify that it qualifies here. Or you can ask your contractor to provide a manufacturer’s certification statement.
Photo Credit: CarbonNYC
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Appliances
Don’t forget to upgrade your old appliances. Refrigerators, dishwashers, boilers, air conditioning units and more are all subject to cash back. These rebates are good for anywhere between $50 and $200 for each appliance.
(See previous MainStreet coverage of this here.)
Photo Credit: Rich Anderson
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Skylight
Oops, we almost left out the coolest part. The credit is also good for skylights! Now we finally have an excuse to pimp out our ceilings. Skylights lower a home's heating, cooling and lighting costs. The same conditions apply as above. Photo Credit: lolololori
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ADVERTISEMENT
Are You Clueless About Credit Scores? What You Need to Know
Nothing sends fear through the heart of a child more than report card day. Prepare yourself for a sense of déjà vu when applying for a loan... many say the situation ignites that same type of blast-from-the past feeling as they sit on the edge of their seat awaiting their financial fate. And what to do if, ultimately, that application is stamped "denied"? Figure that your credit score had a lot to do with it, and start making big changes.Read more »
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Read More: deals & steals, stimulus
