Making your home or business more energy efficient will save you on your taxes as well as your utility bills this year. You can receive a tax credit for installing various energy efficient home improvements. The “Emergency Economic Stabilization Act of 2008″ gives tax credits for installing energy efficient windows, storm doors, insulation, and high efficiency heating and cooling equipment. You can claim about 10% of the cost of the improvements — up to $500 for your energy efficient home improvements.

Additionally, installing solar panels, a wind turbine, or qualified fuels cells on your property will give you an even bigger tax break — up to 30% of the cost of the equipment.

Equipment and supplies for your home improvement must be labeled with the “Energy Star” logo to qualify for these tax breaks.

Home builders and commercial buildings can qualify for energy efficiency tax breaks as well. Note that not all Energy Star appliances and equipment will qualify you for a tax break. You can find additional information on Energy Star, qualifying appliances and equipment, and information on these federal tax breaks from the Energy Star website. TaxBrain makes it easy to find these and other deductions.
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