Federal Tax Credit for Solar and Recreational property/

Photowhit

OK I think I had read that the Tax credit extended to recreational property now?

Am I confused or wishing? I found a neat deal on an earth contact home and may park some money into it. I would fix it up and likely rent it out for a while, but I'd want to use solar since it need so little electric. It was in the low to mid 70's around noon when I was checking it out! 80+ ambient and temp range of 72 - 95 lately!

I have my original system and arguably I could take down and replace my 'home' system, I haven't seen any rules about that... I'm sure the guvmut would frown on defrauding them, but if I'm not selling the panels...

Any thoughts?, Ideas?, heaven forbid, Knowledge?

Thanks.

-Whit

SCharles

Re: Federal Tax Credit for Solar and Recreational property/

What's an "earth contact" home, never heard the term. Earth-bermed???

Photowhit

Re: Federal Tax Credit for Solar and Recreational property/

Earth contact is typically used for homes built into a natural hill side where earth bermed, earth is bought in and placed around the structure. Though they are often used interchangably.

bobdog

Re: Federal Tax Credit for Solar and Recreational property/

It's been my understanding that the credits are for primary residences only. BUT, if anyone knows differently I would sure like to know. All my solar is at the 2nd home (i.e. vacation cabin).

BilljustBill

Re: Federal Tax Credit for Solar and Recreational property/

Photowhit wrote: »

OK I think I had read that the Tax credit extended to recreational property now?

Am I confused or wishing? I found a neat deal on an earth contact home and may park some money into it. I would fix it up and likely rent it out for a while, but I'd want to use solar since it need so little electric. It was in the low to mid 70's around noon when I was checking it out! 80+ ambient and temp range of 72 - 95 lately!

I have my original system and arguably I could take down and replace my 'home' system, I haven't seen any rules about that... I'm sure the guvmut would frown on defrauding them, but if I'm not selling the panels...

Any thoughts?, Ideas?, heaven forbid, Knowledge?

Thanks.

-Whit

Here's a link about how the Federal Tax Credit applies for 2011. If you use new solar panels on your "Principle" home or out buildings on the same property, you get a tax credit of $500 per .5kw of "NEW" solar panels' power.

If you've seen an adjustment to what this link provides, please post and share.

http://www.energystar.gov/index.cfm?c=tax_credits.tx_index

Hopes this helps,
Bill

Gitchee Gumee Kid

Re: Federal Tax Credit for Solar and Recreational property/

Page Last Updated: 11-16-2010
2011 Federal Tax Credits for Consumer Energy Efficiency

NOTE: Tax credits that were 30% up to $1,500 EXPIRED on December 31, 2010. New tax credits were passed, but at lower levels. Summary of changes.
The first half of this data does not apply to Photo Voltaics ( scroll down )
Please note, not all ENERGY STAR qualified products qualify for a tax credit. ENERGY STAR distinguishes energy efficient products which, although they may cost more to purchase than standard models, will pay you back in lower energy bills within a reasonable amount of time, without a tax credit.

* 2011 Tax Credits
* Filing 2010 Taxes

What You Need to Know

* What is included in the 2011 Federal Tax Credit?
* How do I apply for my Federal Tax Credit?

What is included in the Tax Credit?

Tax Credit:
10% of cost up to $500 or a specific amount from $50 - $300
Expires:
December 31, 2011
Details:
Must be an existing home & your principal residence. New construction and rentals do not qualify.

*
Biomass Stoves
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Biomass StoveBiomass stoves burn biomass fuel to heat a home or heat water. Biomass fuel includes agricultural crops and trees, wood and wood waste and residues (including wood pellets), plants (including aquatic plants), grasses, residues, and fibers.
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Tax Credit Amount: $300
Requirements

Thermal efficiency rating of at least 75%
More Information
+ How to apply
+ Wood Burning Efficiency & Safety
*
Heating, Ventilating, Air Conditioning (HVAC)
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Advanced Main Air Circulating Fan

An Advanced Main Air Circulating Fan is an efficient fan, or blower motor which blows the air that your furnace heats up through the duct system.
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Tax Credit Amount: $50
Requirements

Must use no more than 2% of the furnace's total energy.
More Information
+ How to apply
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Air Source Heat Pumps

Air Source Heat PumpsHeat pumps offer an energy-efficient alternative to furnaces and air conditioners in moderate climates. Like your refrigerator, heat pumps use electricity to move heat from a cool space into a warm, making the cool space cooler and the warm space warmer. During the heating season, heat pumps move heat from the cool outdoors into your warm house; during the cooling season, heat pumps move heat from your cool house into the warm outdoors. Because they move heat rather than generate heat, heat pumps can provide up to 4 times the amount of energy they consume.
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Tax Credit Amount: $300
Requirements

Split Systems:
HSPF ≥ 8.5
EER ≥ 12.5
SEER ≥ 15

Package systems:
HSPF ≥ 8
EER ≥ 12
SEER ≥ 14

See Definitions.
More Information
+ How to apply
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Central Air Conditioning (CAC)

Central Air Conditioning (CAC)The best way to find tax credit eligible CACs is to ask your HVAC Contractor (Heating Ventilation and Air Conditioning). To verify tax credit eligibility, ask your HVAC contractor to provide the Manufacturer Certification Statement for the equipment you plan to purchase. Or, search the Manufacturer's website.
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Tax Credit Amount: $300
Requirements

Split Systems:
SEER ≥ 16
EER ≥ 13

Package systems:
SEER ≥ 14
EER ≥ 12

See definitions.
More Information
+ How to apply
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Gas, Propane, or Oil Hot Water Boiler

Gas, Propane, or Oil Hot Water BoilerThese are heating units that use water circulated throughout the home in a system of baseboard heating units, radiators, and/or in-floor radiant tubing.
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Tax Credit Amount: $150
Requirements

AFUE ≥ 95

Tax Credit includes installation costs.

See definitions.
More Information
+ How to apply
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Natural Gas, Propane or Oil Furnace

Natural Gas or Propane FurnaceA furnace uses the combustion of fuel and air to create heat.
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Tax Credit Amount: $150
Requirements

AFUE ≥ 95
More Information
+ How to apply
*
Insulation
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InsulationAdding adequate insulation is one of the most cost-effective home improvements that you can do.
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Tax Credit Amount: 10% of the cost, up to $500
Requirements

Typical bulk insulation products can qualify, such as batts, rolls, blow-in fibers, rigid boards, expanding spray, and pour-in-place.

Products that air seal (reduce air leaks) can also qualify, as long as they come with a Manufacturers Certification Statement, including:
+ Weather stripping
+ Spray foam in a can, designed to air seal
+ Caulk designed to air seal
+ House wrap

Tax Credit does NOT include installation costs. But, you can install the insulation/home sealing yourself and get the credit.

See definitions.
More Information
+ How to apply
+ Insulation efficiency through Home Performance with ENERGY STAR
+ Heat & Cool Efficiently at Home
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Roofs (Metal & Asphalt)
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RoofsQualified roof products reflect more of the sun's rays, which can lower roof surface temperature by up to 100F, decreasing the amount of heat transferred into your home.
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Tax Credit Amount: 10% of the cost, up to $500
Requirements

"Metal roofs with appropriate pigmented coatings" and "asphalt roofs with appropriate cooling granules" that also meet ENERGY STAR requirements.

Tax Credit does NOT include installation costs.
More Information
+ How to apply
*
Water Heaters (non-solar)
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Gas, Oil, Propane Water Heater

Gas, Oil, Propane Water HeaterWater heating can account for 14%–25% of the energy consumed in your home.
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Tax Credit Amount: $300
Requirements

Energy Factor ≥ 0.82 OR a thermal efficiency of at least 90%.

See definitions.
More Information
+ How to apply
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Electric Heat Pump Water Heater

Electric Heat Pump Water HeaterWater heating can account for 14%–25% of the energy consumed in your home.
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Tax Credit Amount: $300
Requirements

Energy Factor ≥ 2.0
More Information
+ How to apply
*
Windows & Doors
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Windows, Doors, Skylights

Windows, Doors, SkylightsEnergy efficient windows, doors and skylights can reduce energy bills.
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Tax Credit Amount: 10% of the cost, up to $500, but windows are capped at $200.
Requirements

Must be ENERGY STAR qualified.

You do not have to replace all the windows/doors/skylights in your home to qualify. And it doesn't need to be a replacement either - installing a new window where there wasn't one previously (like in an addition) qualifies.

Tax Credit does NOT include installation costs.
More Information
+ How to apply

Tax Credit:
30% of cost with no upper limit
Expires:
December 31, 2016
Details:
Existing homes & new construction qualify. Both principal residences and second homes qualify. Rentals do not qualify.

*
Geothermal Heat Pumps
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Geothermal Heat PumpsGeothermal heat pumps are similar to ordinary heat pumps, but use the ground instead of outside air to provide heating, air conditioning and, in most cases, hot water. Because they use the earth's natural heat, they are among the most efficient and comfortable heating and cooling technologies currently available.
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Requirements

Closed Loop:
EER ≥ 14.1
COP ≥ 3.3

Open Loop:
EER ≥ 16.2
COP ≥ 3.6

Direct Expansion:
EER ≥ 15
COP ≥ 3.5

Tax Credit includes installation costs.

See definitions.
More Information
+ How to apply
+ Geothermal Heat Pump FAQ
+ All ENERGY STAR geo-thermal heat pumps qualify for the tax credit.
+ What about water-to-water geothermal heat pumps?
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Small Wind Turbines (Residential)
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Small Wind TurbineA wind turbine collects kinetic energy from the wind and converts it to electricity that is compatible with a home's electrical system.
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Requirements

Must have a nameplate capacity of no more than 100 kilowatts.

Tax Credit includes installation costs.
More Information
+ How to apply
*
Solar Energy Systems

GGK

Blackcherry04

Re: Federal Tax Credit for Solar and Recreational property/

Qualified solar electric property costs. Qualified solar electric property costs are costs for property that uses solar energy to generate electricity for use in your home located in the United States. This includes costs relating to a solar panel or other property installed as a roof or a portion of a roof. The home does not have to be your main home.

http://www.irs.gov/pub/irs-pdf/f5695.pdf

I got the 30% Credit last year for my Houseboat, mixing in the Energy Star stuff does not apply to the other things that are already in the 2009 law that expires in 2016.

Photowhit

Re: Federal Tax Credit for Solar and Recreational property/

Well Bill J Bill got me to the info, the 30% credit does extend to secondary homes! Language is "....Both principal residences and second homes qualify,..." and goes on to say rental property does not.

I'll send BobDog a PM....