Newsflash
| The Energy Policy Act of 2005 created federal tax credits for consumers who make certain energy-efficient improvements to their homes. A tax credit directly reduces income tax, unlike a deduction, which reduces the amount of income subject to tax. The credit then directly increases the tax refund received or decreases the tax due. | |
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| Receive a tax credit for installing Panorama window film in 2007 |
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The Energy Policy Act of 2005 created federal tax credits for consumers who make certain energy-efficient improvements to their homes. A tax credit directly reduces income tax, unlike a deduction, which reduces the amount of income subject to tax. The credit then directly increases the tax refund received or decreases the tax due.
In 2006, window film was added to the list of improvements that qualify for a tax credit. This credit expires at the end of 2007, so install now to realize these savings. Homeowners can receive a 10 percent credit on the cost of the window film, up to $500. Installation does not apply, only the cost of the film. Cooling costs related to the heat gained through windows can make up about 40 percent of a home’s summer utility bill. Solar control window film reduces total solar energy by up to 80 percent, which helps lower energy consumption. Eligibility How to Receive Credit Forms are also downloadable from www.energystar.gov/. For further information, visit www.energy.gov/taxbreaks.htm. Maintain copies of the dealer invoice and the manufacturer’s certification statement for your records. |
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