December 10, 2010

"Energy Saving Tax Credits: Why it Makes Sense to Button-Up Your Second Home in Wisconsin"

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Time is running out for home owners who are thinking of doing energy saving remodeling on their homes. The Wind, Solar and Geothermal and Fuel Cell Tax Credit (Tax Code Section 25D) offers a credit for 30 percent of the cost, with no cap through 2016, for existing homes and new construction. The energy efficient products must be installed and service must commence before December 31, 2010 and credits are available only for improvements made to the taxpayer’s principal residence. However, qualified geothermal, solar, wind energy systems can be installed (and credit received) for any home used as a residence by the taxpayer. With winter temperatures often dipping below zero in Wisconsin, second home owners would be smart to evaluate how they can both conserve energy and garner a nice tax credit. For more information, visit the National Association of Home Builders’ website.

Even if you miss the deadline, it makes sense to do an energy evaluation of your primary and secondary residences. Remember that every drop in the energy savings bucket adds up!

Posted by:  Janis Hartley

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