THE RESIDENTIAL ENERGY PROPERTY CREDIT FOR 2011BondBeebe
Glenn Bailey, CPA
Still there, but not as good as it once was.
The non-business energy property credit available to homeowners has been extended for 1 year, but it is not as generous as it was for 2009-10. The credit is now allowed for 10% of eligible expenditures for qualified energy efficiency improvements to your principal residence in the U.S.
For 2011 the total credit available is $500, only $200 of which can be for new windows. In addition it is reduced by any non-business energy credit taken under the laws in effect from 2006-2010. So if you have already received more than $500 from these credits in prior years, you are not eligible for anything more. If you haven’t, and are thinking about new windows, doors, insulation or other energy efficiency improvements to your home, look into whether your items qualify before you buy.