Taxing Times for Northern Virginia Home Owners
Posted by Carolyn A. Capalbo on Tuesday, December 14th, 2010 at 6:54pm.
As the season rolls on, Northern Virginia residents will be anticipating some pretty extreme winter weather in the coming weeks. For many homeowners, the burden of paying those increasing energy bills during the colder spells can certainly make the holiday season seem a bit less merry. Old windows and doors can let so much warm air out and cold air in, while poorly insulated roofs will add significantly to the cost of keeping the home fires burning.
If you've been thinking of improving your property's comfort and energy efficiency, help may be at hand, but only until December 31. The Federal Residential Energy Efficiency Tax Credit initiative, officially comes to a close at the end of the month but there is still time to take advantage for those who are prepared to act quickly.
Restricted to primary residences, the home improvement tax credit allows 30% of the purchase price of specific energy-efficient products, up to a maximum of $1500. Qualifying improvements include such modifications as home insulation, the installation of biomass stoves and non-solar water heaters and fitting replacement windows and doors. The new energy-efficient improvements must be installed by the deadline date in order for home owners to claim the credit. New construction and rental properties are exempt from this credit.
There is no tax credit limit on a number of other larger-scale improvements, such as the installation of solar panels, geothermal heat pumps and domestic wind energy systems. A 30% rebate is available on the full amount and this tax credit will remain available until 2016. This credit is available on both primary and second homes, as well as new constructions.
Find out how you may be able to take advantage of the Federal Residential Energy Efficiency Tax Credit scheme before the December 31st deadline, and see if you can make your Christmas a more energy-efficient and cost-effective one!
Written by the Carolyn Capalbo Writing Team
Pic from Wayne National Forest Flickr Photostream
Carolyn Capalbo,
Northern Virginia REALTOR®
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