Making your home more energy efficient can save you money on your utilities, but did also know it could lower your taxes? According to the Department of Energy you can receive a 30% tax credit on your solar thermal installation. Requirements include:
At least half of the energy generated by the "qualifying property" must come from the sun.
The system must be certified by the Solar Rating and Certification Corporation (SRCC).
Certain restrictions apply:
The water must be used in the dwelling. The credit is not available for expenses for swimming pools or hot tubs.
Tax credits are only available for the solar water heating system property, not the entire water heating system of the household.
To claim credits you'll have to file Form 5695. See your tax preparer for details and further requirements.
There are many more tax credits available. Check out the Energy Savers website to what you may qualify and what you can do n 2010 to both lower your energy bills and your taxes.