With summer just around the corner, Missourians across the state are cutting back and looking for ways to save money on energy costs. U.S. Sen. Claire McCaskill wants people to know about a tax credit included in the American Reinvestment and Recovery Act that will save homeowners up to $1,500 as they make their homes more energy efficient.
“Amid hard economic times, home improvement projects often fall by the wayside,” McCaskill said. “This measure will help families pay for improvements, create jobs and by making homes more energy efficient, will help Missourians save on heating and cooling bills in the long-run.”
Tax Credit Details:
Taxpayers can receive a credit for 30 percent of the cost of home improvements, up to $1,500, to increase energy efficiency installed in 2009 and 2010.
The credit can be used toward adding insulation, energy-efficient exterior windows and air conditioning systems, building insulation, energy-efficient doors and skylights, natural gas, propane or oil water heaters.
Taxpayers can receive a 30 percent credit with no cap for investments in solar water heaters, geothermal heat pumps and small wind turbines.
To qualify, home improvement products must meet energy efficiency standards laid out by the Internal Revenue Service.