Home renovations might look more green in due time thanks in part to the latest economic stimulus plan put in motion by President Obama. The economic rescue package passed by the Bush administration last Fall renewed the IRS Section 25C tax credit, which credited homeowners 10% of the purchase costs of green renovations with a $500 lifetime cap. Contractors claimed it wasn’t enough to motivate homeowners to sign contracts and pursue green renovations.
Obama’s latest economic stimulus plan sweetened the tax credit though so homeowners will now have more incentive to make their house more energy efficient and environmentally friendly. The credit has essentially been trippled to 30% of the purchase cost with a lifetime cap of $1,500. Some renovations that would qualify for the credits include beefing up your insulation, buying new and more efficient furnaces, air conditioners and heat pumps, installing new roofing and energy efficient windows and doors. Reportedly the list of qualified items is also about to expand so more green renovations may qualify for a credit. You have until 2010 to apply for the credits.
For more information on the 25C tax credit check out this link.
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