Check Out The Latest In Energy Tax Credits

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Rebates & Tax Incentives for New York Homeowners

(Note: 2009-2010 tax filers, please check here for information on the 2009-2010 tax credits)

For 2011, tax credits are now available for energy-saving home improvements.:

  • Energy-efficiency improvements must be installed from January 1, 2009 through December 31, 2011 (renewables go through 2016—Hint: go for efficiency first!)
  • For energy-efficiency, improvement must be for taxpayer's principal residence.
  • For renewables (geothermal heat pumps, solar water heaters, solar PV, and wind) second homes and rentals qualify.
  • $500 is the maximum total amount that can be claimed for all products placed in service in 2011 for most energy-efficiency improvements, but qualifying renewables are not subject to this cap.
  • Save your receipts and the "Manufacturer Certification Statement" (your contractor should be able to supply this) for tax record keeping purposes.
  • Improvements made in 2010 will be claimed on your 2010 taxes (filed by April 15, 2011) — use IRS Tax Form 5695 (2010 version) under the 2010 requirement.
  • Improvements made in 2011 will be claimed on your 2011 taxes, filed by April 15, 2011.

Solar-electric property

  • There is no maximum credit for systems placed in service after 2008. The maximum credit is $2,000 for systems placed in service before January 1, 2009.  
  • Solar PV Systems must be placed in service from January 1, 2006, through December 31, 2016.
  • The home served by the system does not have to be the taxpayer’s principal residence.

NOTE: RV's have been accepted by the IRS as a second home for tax purposes. This makes your RV eligible for this tax credit. As always, consult with your Tax adviser or CPA to make sure this applies to you and your situation.

 

If you are looking for a professional Hudson Valley electrician then, please call us today at 845.569.1299 or 845.265.5033 or complete our online request form.

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