for the good time Jerry’s ramblings…

I was discussing with some friends the $1500 Federal Energy Tax Credit, particularly regarding the fact that it has been extended through 2010. One question that was raised – does that mean we can apply it both in 2009 and 2010 for a total of $3000 of tax credits? The answer is ‘no’. Each household has a lifetime maximum of $1500 with the credit.

$1,500 is the maximum total amount that can be claimed for all products placed in service in 2009 & 2010 for most home improvements, EXCEPT for geothermal heat pumps, solar water heaters, solar panels, fuel cells, and small wind energy systems which are not subject to this cap, and are in effect through 2016

Oh well, so much for those plans to replace some windows next year. On the bright side, the credit allows for 30% of the total cost of installation for a new tankless water heater, up to $1500, and we will be able to max it out this year.