Energy Efficient Appliances and the New Stimulus Bill
March 7th, 2009 . by Christina
I love it when my office manager position at a CPA firm ties into my interests. Today, my boss had me do some research on energy efficient appliances that qualify for tax credits. So, for all of you out there looking to update your homes, here’s what you should know about the new stimulus bill and what appliances do and do not qualify:
On February 17, 2009, President Obama signed a stimulus bill (The American Recovery and Reinvestment Act of 2009) that made some significant changes to the energy efficiency tax credits. Tax credits for qualified energy efficient home improvements are available in 2009 and 2010 for 30% of the cost, up to a combined $1,500.
The products that are covered by the tax credit in 2009 & 2010 include:
- Insulation
- Windows (including storm windows)
- Skylights
- Doors (including patio & sliding glass)
- Roofs (metal & asphalt)
- Central air conditioners
- Air source heat pumps
- Geo-thermal heat pumps
- Gas, Oil, or Propane Furnace or Hot Water Boiler
- Advanced Main Air Circulating Fans
- Biomass stoves
- Water Heaters (Gas, Oil or Propane, Electric Heat Pump, and Solar Water Heaters)
- Photovoltaic Systems (solar panels)
- Fuel Cells
- Wind Mills
Products not covered by the tax credit included:
- Refrigerators
- Dishwashers
- Clothes washer
- Room air conditioners
- Ceiling fans
- Programmable thermostats
- Electric storage tank water heaters
- Electric Tankless water heaters
For more information on products covered by the tax credit, visit www.energystar.gov/taxcredits.
(Author’s note: In my opinion, there needs to be a stimulus bill that WILL include and provide an incentive for the purchase of more common energy efficient appliances that are purchased more frequently like fridges.)
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