|
|
|
Around this time of year homeowners begin planning home improvement projects for spring and summer. When planning these renovations it is important to be aware of tax credits being offered by the federal government on products that increase home energy efficiency. The Better Business Bureau offers some tips for money-saving decisions.
The American Recovery and Reinvestment Act of 2009 includes several tax and expanded credits that homeowners use while increasing the energy efficiency of their home. Some qualifying improvements include work that many homeowners must undertake, such as installing a new roof. However, other qualifying improvements are more involved, such as installing a wind or solar energy system.
"There are many opportunities to save money when making home improvements. Taking advantage of tax credits is a great option," said Steve Bernas president and CEO of the Better Business Bureau of Chicago and northern Illinois. "By doing research you can find the best way to help the environment and your wallet while improving your home."
To qualify for tax credits, improvements must typically be made on the owner's primary residence. Homeowners should keep in mind that just because a product has an Energy Star seal-the Environmental Protection Agency's standard for energy efficient consumer products-it doesn't mean the purchase qualifies for the tax credit. A full list of qualifying home improvements is available online at: www.energystar.gov/taxcredits.
The BBB offers the following advice for homeowners on looking for a contractor they can trust to help make their house greener:
- Always check the company or contractor out with BBB first. BBB Reliability Reports are available online for free at www.bbb.org and will tell the homeowner if the business has a good rating and is accredited by BBB.
- Homeowners should get several estimates for projects and remember that they do not have to use any specific contractor in order to take advantage of the tax credits.
- Before making any improvements, visit www.energystar.gov to confirm that the products being used are eligible for the tax credit. Also consider consulting the IRS Web site at www.irs.gov or a tax professional.
For more advice on finding businesses and services you can trust, visit www.bbb.org.
