With April 15th approaching quickly, our tax returns are fresh in our minds.  Many of us may be wishing that we would have done more to gain possible credits during 2009.  While it’s too late to help with the possible pain inflicted by this year’s Form 1040, it isn’t too late to start planning what you can do in 2010 to make next year’s better.  Improvements to your St Petersburg home, for example, could result in some relief.

Saving energy doesn’t only help the environment.  It also helps your checkbook when those monthly bills come in, and could possibly mean a helpful deduction come next April.  Yes, there are tax credits available for saving energy that could be good for up to $1,500 – and some possibly beyond that.

Part of a federal stimulus package passed last year, The Existing Home Retrofit Tax Credit covers a wide variety of options in regards to home-improvement projects resulting in energy savings.  Installing certain types of windows in your St Petersburg home could make you eligible.  Upgrading your air conditioning system or switching to alternative energy sources could mean even higher potential tax credits.

The available credit for upgrading to approved energy efficient products like insulation, siding, doors, windows, roofing, etc. is 30% of the cost (excluding installation) up to $1,500.  For example, if an owner replaced windows and insulation in their St Petersburg home for a total materials cost of $4,000, the tax credit could reduce the cost to $2,800. 

Please keep in mind – this is tax law.  There are always details and exclusions.  To make sure you get the most out of the available credits, contact your tax professional before embarking on a project.  To get more information on these available credits, please visit EnergyStar.gov, or NAHB.org/efficiencytaxcredit.

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