Update On Residential Energy Tax Credit for 2011
The residential energy tax credit for home improvements has been extended thru 2011. There is less money allowed per household at a lower percentage of the cost and there is a lifetime limit which applies to the total credits per household from 2006 thru 2011.
Window films would still be considered an “insulation” product rather than a “window” product by definition. As before, questions about individual window films used on specific homes in specific climate zones of the U.S. can only be answered by the manufacturer of the window film, as the requirement for a Manufacturer’s Certification Statement is still in effect.
The following is a quote from the website of the Department of Energy:
“On December 17, 2010, President Obama signed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. This law extends the tax credits for energy efficiency into 2011, BUT at lower levels. The levels revert back to those in effect in 2006 and 2007, which were10% of the cost of the improvement, up to $500, with a $200 max for windows, and several other set maximums.
Highlights:
- 10% up to $500 for insulation, roofs, and doors.
- Windows capped at $200, but qualification now ENERGY STAR
- Furnace and boilers capped at $150, and all furnaces and boilers must meet 95 AFUE
- $50 for advanced main air circulating fan
- $300 for air conditioners, air source heat pumps, water heaters, and biomass stoves
- $500 lifetime limit. If you got over $500 in these tax credits from 2006-2010, you are not eligible for anything more.”
Again, any other questions about the eligibility of any specific window film use will have to be answered by the manufacturer of the window film product.
The Energy Policy Act of 2005 created federal tax credits for homeowners who make certain energy efficient improvements. On October 3, 2008, President Bush signed into law the "Emergency Economic Stabilization Act of 2008", which extended tax credits for energy efficient home improvements made in 2009 or 2010. Consumers purchasing qualifying 3M Window Film products between January 1, 2009 and December 31, 2010 can receive a tax credit.
Download a list of qualifying 3M Window Film products. A tax credit directly reduces your overall income tax, which is much better than a deduction, which reduces the amount of income subject to tax. Homeowners can receive a 30 percent credit on the costs of qualified window film products, up to a maximum of $1500.
Complete IRS form 5695 and file your 2009 or 2010 Income Tax Return. Download IRS form 5695 (PDF, 328 Kb) from the IRS website, along with a list of other available energy efficiency tax credits. You will need a copy of the dealer invoice for the window film product, separated by cost for film and installation. Installation costs are not eligible for the tax credit. You will also need a copy of the manufacturer's certification statement, which determines which products qualify based upon where you reside. Make sure to keep a copy of both of these documents for your records.
More Than One Way to Save Money...
Energy efficiency can lower your federal tax bill and your monthly energy bill. Heat gained through windows makes up a significant portion of your summer utility bill. 3M™ Window Films reduces heat gain by up to 79 percent, which helps lower energy consumption.
Other Advantages of 3M Window Film
In addition to energy and dollar savings, window film offers numerous other advantages. As a homeowner, you can improve indoor comfort by reducing or eliminating hot spots. Another benefit is reduced fading of your home furnishings, helping to keep your home looking beautiful. By blocking up to 99% of the sun's UV rays, our films help protect your family. Selecting 3M™ Window Films give you peace of mind. That's because we have one of the most comprehensive warranties you can get; backed by a company you know and trust.
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In the home, in the office, in the lab and on the work site, every day people all over the world turn to 3M products. Our quality is unchallenged and our commitment to innovation is unmatched. From great consumer brands like Scotch Tape and Post-it Notes, to leading edge technology and medical products, 3M has earned the world's trust.
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