The American Recovery and Reinvestment Act of 2009 (ARRA) comes at an opportune time for the remodeling industry and homeowners. Intended to boost the overall economy, the stimulus package also advances energy conservation policy with more than $4 billion dollars earmarked to create, extend, or remove dollar limits on tax credits for energy-related home improvements and renewable energy systems.
But what, exactly, does the legislation say? Do the credits apply only to principal residences? Can owners of condominiums or cooperatives qualify? Does the Internal Revenue Service define “cost” to include labor as well as materials? And what kind of documentation is required to claim the credits?
The posts our section on the Stimulus answer these and a host of other questions relating to the ARRA. Our posts will include a detailed description of requirements in three major categories:
- Building envelope (roofing, insulation, and window and door replacement)
- HVAC systems (boilers and furnaces, biomass stoves, and water heaters)
- Renewable energy systems (geothermal heat pumps, and solar-, wind-, and fuel cell–powered electricity generators).
The chart summarizes requirements for each category, which are treated in more detail in separate sections. Expanded coverage, including IRS rules updates and interpretations, can be found at www.thestimulussource.com.
Used properly, the ARRA gives remodelers a way to jump-start their businesses while helping you, the homeowner, to not only save money but create a more energy-efficient future.
(Excerpted from an article from Remodeling Magazine)
Tags: energy efficiency, green, Remodeling, stimulus