Brunswick Electric Membership Corporation

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Time Running Out to Claim Energy Efficiency Tax Credits
Sept 15, 2010: Only three months remain to tackle home improvement projects if you want to take advantage of energy efficiency tax credits authorized under the federal stimulus bill. Measures that qualify include replacing windows, doors, or roofs with materials that reduce your home’s heat loss or gain; adding insulation; replacing certain air conditioners; and installing air-source heat pumps, hot-water boilers, and biomass stoves. We want to make sure our members know about these tax credits and can take advantage of them before they expire on Dec 31, 2010. This is an incredible opportunity for folks to invest in residential energy efficiency and see energy bill savings right away. You can recover 30 percent, up to $1,500—of costs associated with buying and installing heating, ventilation and air conditioning systems and biomass stoves. Details at www.energystar.gov/taxcredits. Tax credits are especially beneficial as they directly reduce, dollar for dollar, any taxes you owe. The government also offers a renewable energy tax credit that expires Dec. 31, 2016. That credit covers 30 percent of the cost of materials and installation for solar panels, solar water heaters, and geothermal heat pumps, for both new and existing homes. Be sure to keep your receipts and your Manufacturer’s Certification Statement (a signed statement from the manufacturer certifying that the product or component qualifies for the tax credit) for your records. Then claim the credit on your 2010 taxes using IRS Form 5695. North Carolina also offers some incentives. For details visit the Database for State Incentives for Renewables & Efficiency, a project funded by DOE, at www.dsireusa.org.
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