Energy Star Tax Savings for Mobile Homes
Considering it is tax time and you have a little over 2 months to file (unless you get an extension) you may want to read about these Energy Star tax savings for mobile homes and see if you did anything in 2011 to your mobile home that is eligible for a credit. Don’t worry if you can’t find the receipt, most retailers will help you and there’s always bank records, etc. that can be used for proof as well. Once you have the receipt, a special form needs to be filled out (5695 see below), and the adjustment entered on your 1040. Easy!
It’s been nearly seven years since the federal government first instituted the most recent series of energy tax credits to encourage consumers to install and use energy-efficient alternatives for home heating and cooling. Many of these credits, including tax breaks and Energy Star-approved HVAC systems, will expire December 31, 2011.
There are some credits that will expire in 2016, those however, are for more elaborate endeavors. The one I am aiming for is the solar energy credit; I want off the grid and to quit paying an electric company that currently runs a monopoly here in WV (I am not a fan of monopolies). The government will credit me 30% of the cost to make that dream come true. So basically a $4000 investment becomes a $2800 investment. All I have to do is wait till I file my taxes the following year and that $1200 is all mine (or helps pay any owed taxes). Nice!
- Biomass Stoves can receive up to a $300 tax credit. It must have thermal efficiency rating of at least 75%.
- An Advanced Main Air Circulating Fan is an efficient fan, or blower motor which blows the air that your furnace heats up through the duct system. Your credit amount is up to $50. It must use no more than 2% of the furnace’s total energy.
- Heat pumps offer an energy-efficient alternative to furnaces and air conditioners in moderate climates. Because they move heat rather than generate heat, heat pumps can provide up to 4 times the amount of energy they consume. Tax credit amount is $300. Requirements include split systems and package systems. Check to see if your new system is eligible at EnergyStar.gov.
- Central Air Conditioning (CAC) The best way to find tax credit eligible CACs is to ask your HVAC Contractor (Heating Ventilation and Air Conditioning) pro. To verify tax credit eligibility, ask your HVAC contractor to provide the Manufacturer Certification Statement for the equipment you plan to purchase. Or search the Manufacturer’s website. Tax Credit Amount: $300
- Gas, Propane, or Oil Hot Water Boiler These are heating units that use water circulated throughout the home in a system of baseboard heating units, radiators, and/or in-floor radiant tubing. Tax Credit Amount: $150. Tax Credit includes installation costs and must have a AFUE ≥ 95.
- Adding adequate insulation is one of the most cost-effective home improvements that you can do. Tax Credit Amount: 10% of the cost, up to $500. Tax Credit does NOT include installation costs. Typical bulk insulation products can qualify, such as batts, rolls, blow-in fibers, rigid boards, expanding spray, and pour-in-place.
- Products that air seal (reduce air leaks) can also qualify, as long as they come with a Manufacturers Certification Statement, including:
- Weather stripping
- Spray foam in a can, designed to air seal
- Caulk designed to air seal
- House wrap
- Qualified roof products reflect more of the sun’s rays, which can lower roof surface temperature by up to 100F, decreasing the amount of heat transferred into your home. Tax Credit Amount: 10% of the cost, up to $500. Requirements “Metal roofs with appropriate pigmented coatings” and “asphalt roofs with appropriate cooling granules” that also meet ENERGY STAR requirements..Tax Credit does NOT include installation costs.
- Gas, Oil, Propane Water Heater. Water heating can account for 14%–25% of the energy consumed in your home. Tax Credit Amount: $300. Requirements Energy Factor ≥ 0.82 OR a thermal efficiency of at least 90%.
- Electric Heat Pump Water Heater. Water heating can account for 14%–25% of the energy consumed in your home. Tax Credit Amount: $300.
- Windows, Doors, Skylights. Energy efficient windows, doors and skylights can reduce energy bills. Tax Credit Amount: 10% of the cost, up to $500, but windows are capped at $200. Requirements, Must be ENERGY STAR qualified. You do not have to replace all the windows/doors/skylights in your home to qualify. And it doesn’t need to be a replacement either – installing a new window where there wasn’t one previously (like in an addition) qualifies. Tax Credit does NOT include installation costs.
Following are more credits available till December 31, 2016:
In the latest federal stimulus a huge amount of weatherization program monies were given to the states to help low income households weatherize their homes; new windows, doors, roofing. I’m talking millions and millions, pretty sure West Virginia got $28 million itself.
As always, thanks so much for reading Mobile and Manufactured Home Living!