Taxpayers can claim a credit for certain home improvements
placed in service in 2011. This credit
for personal energy property was also available for qualifying improvements placed
in service from 2006-2010, except for 2008.
Allowable Credit:
The credit is equal to 10% of the cost of qualified
energy-efficient property or improvements.
The credit is limited to (1) $50 for each advance main air circulating
fan; (2) $150 for each natural gas, propane or oil furnace or hot water boiler
and (3) $300 for each item of: (a) electric heat pump water heaters, (b)
electric heat pumps, (c) biomass fuel stoves, (d) high-efficiency central air
conditioners or € natural gas, propane or oil water heaters.
The total amount of credit than can be claimed in 2011
combined is $500 ($200 for exterior windows and skylights). This amount is reduced (but not below zero)
for any credits claimed in 2006-2010.
There are no AGI or income limits so all individuals can
claim the credit.
For 2011, the credit can offset regular tax and AMT.
The credit is reported on Part I of Form 5696, Residential Energy Credits.
Personal Energy Property Credit - Qualifying Property 2011 |
||
Product | Energy Requirements | Maximum Credit Per Item |
Advanced Main Air Circulating Fan |
Must use no more than 2% of the furnace's total energy | $50.00 |
Air Source Heat Pump | 1)Split systems: HSPF ≥ 8.5; EER ≥ 12.5; SEER ≥ 15. |
$300.00 |
2)Package systems: HSPF ≥ 8; EER ≥ 12; SEER ≥ 14. | $300.00 | |
Biomass Stove | Thermal efficiency rating of at least 75% as measured |
$300.00 |
using a lower heating value. | ||
Central Air Conditioning |
1)Split systems: EER ≥ 13; SEER ≥ 16. |
$300.00 |
2)Package systems: EER ≥ 12; SEER ≥ 14. | ||
Electric Heat Pump Water Heater | Energy factor ≥ 2.0. All ENERGY STAR qualified electric |
$300.00 |
heat pump water heaters qualify. | ||
Gas, Oil or Propane Hot Water Boiler |
AFUE ≥ 95 | $150.00 |
Gas, Oil or Propane Water Heater | Energy factor ≥.82 or a thermal efficiency of at least 90% |
$300.00 |
Insulation | Must meet 2009 IECC (including supplements) prescriptive |
$500.00 |
criteria.To qualify, its primary purpose must be to | ||
insulate.Therefore, insulated siding does not qualify. | ||
Natural Gas or Propane Furnace |
AFUE ≥ 95 |
$150.00 |
Oil Furnace |
AFUE ≥ 95 |
$150.00 |
Roof(Metal & Asphalt) |
Metal roofs with appropriate pigmented coatings & |
$500.00 |
asphalt roofs with appropriate cooling granules that also | ||
meet ENERGY STAR requirements. | ||
Storm Windows & Doors |
In combination with the exterior window/door over |
$500.00 |
which it is installed: has a U-factor and SHGC of .30 or | ||
below and meets the IECC prescriptive criteria. | ||
Windows & Skylights |
U factor ≤ .30; SHGC ≤ .30 | $200.00 |
Source: www.energystar.gov | Thomson Reuters |
Air pumps
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