Insulation, Radiant and Vapor Barriers - Insulation tax credit for 2009
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Skoorb
10-22-09, 12:37 PM
Apparently qualifying insulation purchases in 2009 or maybe even 2010 also can get 30% of cost back as a credit at tax time to a max of $1500. Home Depot is advertising (via brochures) this and I've read about it online.
My question is: If I have a basement or other space that is already up to code and meeting code-required insulation values, does this credit still apply if I was to add more insulation or even if I was to completely rip out what is already there (because it's inferior, gives me nightmares, makes me feel self-conscious or whatever) and replace it?
My question is: If I have a basement or other space that is already up to code and meeting code-required insulation values, does this credit still apply if I was to add more insulation or even if I was to completely rip out what is already there (because it's inferior, gives me nightmares, makes me feel self-conscious or whatever) and replace it?
snowranger05
10-26-09, 06:39 PM
As I understand, it doesn't matter if you're already up to code; especially with insulation more is almost always better. The credit is a pretty simple one, with a couple things to pay attention to:
-The max credit is $1500
-Insulation is one of the things that doesn't count if you're doing new construction (not applicable to you, though)
-cost of installation (i.e. a contractor) doesn't qualify in some cases
Check out the official info here:
Federal Tax Credits for Energy Efficiency : ENERGY STAR (http://www.energystar.gov/index.cfm?c=tax_credits.tx_index#c2)
Jeff
-The max credit is $1500
-Insulation is one of the things that doesn't count if you're doing new construction (not applicable to you, though)
-cost of installation (i.e. a contractor) doesn't qualify in some cases
Check out the official info here:
Federal Tax Credits for Energy Efficiency : ENERGY STAR (http://www.energystar.gov/index.cfm?c=tax_credits.tx_index#c2)
Jeff
Skoorb
10-26-09, 07:31 PM
Thanks for the response. This will actually make me more likely to spend the money on buying some of the nicer insulation I wanted (thicker rigid)!
shane21
10-27-09, 12:02 AM
Skoorb I think that $1500 credit is a combined for all improvements listed in the energy bill. If you have done any thing else to receive the the tax credit money (furnaces, heat pump, windows, etc.) you are only eligible for a TOTAL of $1500 for all work, unless you install a geothermal heat pump which is 30% rebate with an unlimited ceiling as I understood it.
Have seen a lot of people posting/asking questions about this on many websites and some people think its 30% up to $1500 for anything you do and don't know the cap is $1500 in most cases.
Have seen a lot of people posting/asking questions about this on many websites and some people think its 30% up to $1500 for anything you do and don't know the cap is $1500 in most cases.