NONBUSINESS RESIDENTIAL ENERGY PROPERTY
nonbusiness residential energy property credit is a nonrefundable credit of up
to 10% of the cost of making energy efficient home improvements to your home
such as new windows, central air conditioning, heat pumps, and water heaters.
The credit is limited to a lifetime credit total of $500 and is further limited
by the type of energy property you put in your home. To qualify for the credit
the improvement must meet current energy efficiency requirements or better.
RESIDENTIAL ENERGY CREDITS
The Residential Energy Efficient Property credit is
a nonrefundable credit available if you added certain alternative energy
creation methods to all or part of your home.
To qualify for the credit, the
home must be your principal residence and located in the U.S. In addition, the
property or improvements must have a reasonable life expectancy of at least
five years. These credits are limited
to 30% of the cost and are available on the installation of solar water heating
systems (not for a spa or pool), solar energy production, and qualified fuel
cell power plants.