Tax Credits for Energy Efficiency
Posted on January 20, 2012 by Ghassan Ammar
Tags, Consumers and Utility Customers, Emerging Technologies, Legislative & Political
Did you make energy efficiency improvements to your home in 2011? Did you buy any new energy efficient appliances through the Energy Trust of Oregon or other incentive programs? If you did either of these, you may qualify for tax credits on both the federal and state level.
For products purchased in 2011, to receive a federal tax credit you can file IRS form 5695 and enter the tax credit amount on line 52 of your 1040 form. Form 5695 must be submitted with your 2011 taxes by April 17, 2012. Also keep in mind that you should always save your receipts and manufacturer’s efficiency certification statement for your records.
Energy efficient products that are eligible for tax credit can be found on the Energy Star website. These include water heaters, biomass stoves, HVAC, insulation, roofing, windows and doors, and fuel cells, as well as solar, geothermal, and wind turbine systems. Please note that not all Energy Star certified products are available for this credit; they must be the specific model listed on the Energy Star website above.
In the state of Oregon, tax credits are available for the above-mentioned products, as well as for clothes washers, dishwashers, and refrigerators. As we reported back in October, 2011 is the last year that credits for these additional products will be available. Again, not all Energy Star appliances qualify for this credit, so check to make sure your model is on the list by clicking the link above and selecting “Qualifying Refrigerators”, “Qualifying Clothes Washers”, or “Qualifying Dishwashers” in the right had column. Please note that each energy efficient product installed in 2011 must be applied for separately in Oregon, and the forms vary for each product. Application forms can be downloaded by selecting the particular type of product from the Oregon Department of Energy website.
Other incentives and rebates may be available to you if you have participated in The Energy Trust of Oregon Home Energy Solutions program. For more information about this program, please visit http://energytrust.org/residential/.
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03/28/17 | 0 Comments | Tax Credits for Energy Efficiency