Is there an income limit on the tax credit? No, there is no upper or lower limit on the credit, however, these energy efficiency tax credits are technically “non-refundable.” If you don’t pay any taxes, then you can’t get the credit. 
A few select products that are not subject to the $1500 limit can be carried forward. But you can take part of the $1,500 in 2009, and the rest in 2010.
Can the energy efficiency tax credit be carried over to future years? The tax credit for products at 30% up to $1,500 can not be carried over to future years. (Note: the maximum does not apply to all products) If you get the entire $1,500 credit in 2009, then you can’t get anything additional in 2010. Basically you can spend up to $5,000 during this 2 year period on a single or multiple products, for your principal residence that you own and live in, and get 30% or $1,500 (30% of $5,000 = $1,500) back as a tax credit. Is the $1,500 energy tax credit available for each product? Can I get $1,500 for windows and another $1,500 for a new HVAC system? Can I get $1,500 in 2009 and another $1,500 in 2010? Can two people living in the same home both get the $1,500 credit? Even if you purchase multiple products you can only get a maximum of $1,500 over the 2-year period (2009 & 2010). Here are the answers to a few of the most frequently asked questions about the credit. Frequently Asked Questions (FAQ) About The Tax Credit 2009 Federal Income Tax Brackets for your reference. So to claim the credit in 2010, the product will have to be placed in service in 2010. The final 2009 IRS form will be available in late 2009/early 2010. Currently, only a DRAFT version of the 2009 IRS Form 5695 is available (without the instructions section). To claim the energy efficient products tax credit, you’ll need to claim the credit on your 2009 or 2010 taxes.įor products “placed in service” in 2009, you need to file the 2009 IRS Form 5695 and submit it with your 2009 taxes (by April 15, 2010). To find out if your product is included, and whether you can include installation costs, check the government site here. Some of the tax credits will take into account installation costs, while other credits do not. Credit doesn’t include installation costs. HVAC components, including advanced air handlers, air force heat pumps, central A/C units, boilers, propane, and gas furnaces. Insulation, whether spray foam, fiberglass, or blow-in cellulose, they’re all covered so long as they meet IECC requirements. Credit includes installation costs some restrictions for energy efficiency apply. Installation costs are not eligible for the credit. What Energy Efficient Products Are Eligible For The Tax Credit?Ī variety of products are eligible for the tax credit, however, you need to be careful that your specific product is eligible.
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