If you've been putting off a home improvement project you may want to act before the end of the year. That's because several federal tax credits expire December 31st.
We show you what items qualify in today's Angie's List report.
Recommended Videos
Homeowners have until December 31, 2011 to buy qualifying items for federal tax credits:
Heating, Ventilating, and Air Conditioning
Insulation
Roofing (asphalt & metal)
Water heater (non-solar)
Biomass stove
Windows & Doors
How the tax credit works: The tax credit is 10 percent of the cost of qualifying energy-efficient home improvements up to $500, or a specific amount from $50-$300.
A nationwide Angie's List poll of members found:
40 percent of respondents plan or will take advantage of federal tax credits that are available until the end of the year
43 percent bought, or plan to purchase a qualifying product to replace a non-working or damaged product
31 percent bought, or plan to purchase a qualifying product to save money on utility bills
38 percent bought, or plan to purchase windows this year
Money Saving Tax Credits:
A more energy-efficient model may cost more up front than a less efficient model, but you can recoup 10 percent of the cost through this tax credit, as well as the long term savings you'll see in your energy bills.
HVAC Systems: Heating and cooling account for more than half the energy used in a typical home. If your heating or cooling unit is more than 10 years old, and you have had substantial repair costs, it may be a good time to think about replacing.
Insulation: A home should we well-insulated, from the roof to its foundation. If not, it could easily lose nearly half of its heating and cooling energy. How to tell if you need insulation? Look in your attic for exposed 2-by-4's. For the walls, find a spot, preferably in the closet where it's not seen, and make a small puncture hole with a wire. You should feel resistance and insulation. It's a good idea to have an energy audit done to determine areas in need of insulation.
Water Heaters: Water heating can account for up to a quarter of the energy consumed in your home. Maintained properly, water heaters will last for years and deliver gallon after gallon of hot water. But if your water heater is more than ten years old, it's probably operating at less than 50 percent of its efficiency.
Roofing: Industry experts say qualified roof products reflect more of the sun's rays; lowering the roof surface temperature by up to 100F, thus decreasing the amount of heat transferred you're your home. Curling, crackling and blistering of the shingles and/or a leaky roof are indicators that you need a new roof.
Windows: By replacing your windows you can expect a return on your investment of at least 80 percent. If you notice condensation and drafts on and around your windows, or rotting or warping frames, you might be in need of an upgrade.
Doors: The front door is a great way to increase curb appeal, and today's styles are more energy efficient. If your door is 15 years or older, splitting, or cracking - then it's likely time to replace.
Biomass Stoves: Biomass stoves burn renewable sources to heat a home or heat water. The stoves burn pellets made from wood, corn, straw and other agricultural resources. Many new stoves come with EPA-approved standards that burn off most of the polluting gases and increase your stove's efficiency by as much as 10 percent.
Angie's List Buying Tips:
It pays to do your research: It's important for homeowners to research the credits for home improvement products before buying. Each item has its own requirements in order to qualify. For example, the tax credit for insulation does not include installation costs. Don't rely solely on the company doing the installation, also check with your tax consultant. A great place to start your homework online is through Energy Star.
Save for tax time: Homeowners need to save receipts and the signed statement from the manufacturer certifying the product qualifies for the tax credit with your records for tax time.
Copyright 2011 by Angie's List. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
