Energy Policy Act of 2005 Saves Me $500
Thank Congress for passing the Energy Policy Act of 2005 (EPACT) which, among many other things, offered homeowners a 10% tax credit for energy saving renovations to their homes. I looked at EPACT when it was first passed because I knew somewhere down the road I’d need to replace my windows and sliding doors.
If you are replacing your windows, you can receive a 10% tax credit up to $200 for the job if the windows meet 2000 IECC & Amendments specifications. If you are replacing exterior doors, which sliding doors count as, then your cap is raised to $500. The quote of $6500 for the whole job means I’ll be able to claim a tax credit of $500, reducing the job to a mere $6000. (it’s still scary)
For that tax credit and an explanation of the others, visit the official Dept. of Energy website on EPACT.
2 responses to “Energy Policy Act of 2005 Saves Me $500”
Aridni » Carnival of Personal Finance! responds:
Posted: September 5th, 2006 at 10:31 am
[...] Jim at Blueprint for Financial Prosperity is going to be keeping a good chunk of change. If you need to work on your home you might be able to as well. Energy Policy Act of 2005 Saves Me $500 [...]
Danielle responds:
Posted: September 5th, 2006 at 11:12 pm
I used to work at the American Public Power Association which heavily lobbied in support of EPACT. It’s a great piece of legislation. Thanks for writing about it.