These days we are all looking for ways to save money. Just today I was
devising a plan to find a way to cut my ever growing grocery bill, among
other things. The last thing we want is to throw our money out the
window or to see it go right out the door. Unfortunately, that is what
many of us are doing, literally, without even realizing it.
Many homeowners have doors and windows that are in need of
updating and we all have these “replacements” on our seemingly
endless to do list! Despite our good intentions there always seems to
be some financial crisis that shows up unexpectedly and those new
windows/doors get relegated once again to the bottom of our priority
list.
There are, of course, low cost ways to improve energy efficiency such
as adding weatherstripping to doors and windows. These things are
good, however, the government has come up with various conservation
incentives that may just motivate you to move those replacements up
to the top of the to do list once again!
There are now tax credits available at 30% of the cost, up to $1500
total for existing homes. One way to take advantage of the credit is for
the purchase of qualifying windows or doors. This particular credit
does not apply to new construction or rentals and must be for your
existing home.
There are certain requirements, for instance, windows, doors and
skylights must have a U-Factor and Solar Heat Gain Coefficient less than
or equal to .30. You can find the U-Factor and SHGC on the National
Fenestration Rating Council Label. Not all windows/doors qualify.
You must have a manufacturer Certification Statement which is a
signed statement from the manufacturer certifying that the product or
component qualifies for the tax credit.
As for anything tax related, always check with your advisor but now is
the time to take action as this particular credit expires 12/31/10! Call
us today for an estimate with one of our specialists.