Mills Efficient Home

Rebates & Tax Credits

NOTE: Tax credits that were 30% up to $1,500 EXPIRED on December 31, 2010. New tax credits were passed, but at lower levels.

Federal Tax Credit

• 10% (up to $500) of the cost of adding insulation, radiant barrier foil and solar ventilation.
• Must be placed in service by December 31, 2011
• Improvements made in 2011 will be claimed on your 2011 taxes – use IRS Tax Form 5695
• Must be for taxpayer’s principal residence
• Must have a Manufacturer Certification Statement to qualify
• Consult your tax advisor for details

Certification is a signed statement from the manufacturer certifying that the product or component qualifies for the tax credit.

Home Star (aka Cash for Caulkers)

Home Star is a proposed government program which will make rebates available to homeowners who upgrade their homes’ energy efficiency. Within this program, home owners would be able to save half the cost on the most basic energy efficiency upgrades, up to a total value of $3000. Even more is available if your upgrades increase your home’s efficiency by more than 20%.   Read More…

Property Assessed Clean Energy Financing

So far, only 14 out of the 50 states have enacted PACE programs, but it’s quickly spreading. PACE financing allows energy efficiency upgrades to be included in property tax assessments. This allows home owners to off-set some of the cost of these renovations, as well as get a better home appraisal when you’re ready to sell. Read more…

Local energy company rebates

Many retail energy providers host rebate programs to help their customer offset the cost of energy efficiency improvements.  Check with you local energy provider to learn about current programs.

How do I apply?

Here are some of the documents required when applying for the federal tax credit.  Consult you tax adviser for more details.

For products placed in service in 2011, you need to file the 2011 IRS Form 5695 and submit it with your 2011 taxes (by April 15, 2012). On the 2011 1040 form, the residential energy tax credit (from Form 5695) is claimed on line 52. For products “placed in service” in 2011, you would take the tax credit on your 2011 income taxes. You’ll also need receipts for any services or products and also the Manufacturer’s Certification Statement for your records Submit Form 5695 with your taxes. For more information, visit the US Dept of Energy.

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