Energy bill incentives begin in 2006

Real Estate
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Energy bill incentives begin in 2006

Real Estate
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Q: We just put in a new heat pump earlier this year. Can I count this as a credit on my taxes next year?

A: The new energy bill’s wording is very specific: the incentives apply to improvements and equipment placed in service during 2006-2007. If you’ve taken some of these steps already, it looks like you won’t be able to claim the tax credits. The good news, though, is that you’ve already started saving energy and reaping the benefits of your home improvements.

There may be some incentives that you do qualify for, though, so be sure to check www.dsireusa.org for complete information on all the federal, state, local and utility financial incentives available in each state for energy efficiency, renewable energy systems and alternative fueled vehicles. The list includes incentives ranging from tax credits and rebates to property tax and sales tax exemptions, broken down by state. It’s a valuable resource for all homeowners interested in making their home more energy efficient.

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