WEST LAFAYETTE, Ind. (WLFI) - If you bought high-efficiency appliances or made energy-efficient home improvements to your home last year, you could qualify for a federal tax credit.
The tax credits apply toward 10 percent of the cost (up to $500) for home improvement measures of $50 to $300 for new appliances. Measures or appliances include:
• high-efficiency heating equipment, including a natural gas furnace with an efficiency rating of at least 95 percent or a natural gas boiler with an efficiency rating of at least 95 percent;
• high-efficiency storage or tankless natural gas water heater with an energy factor of 0.82 or higher;
• high-efficiency air conditioners, heat pumps and advanced main air circulating fans;
• home insulation, which also includes weather-stripping, caulking and spray foam;
• energy-efficient roofing; and
• energy-efficient windows, doors and/or skylights.
For products placed in service in 2012, customers need to file the 2012 IRS Form 5695 and submit it with their taxes this year. On the 1040 form, the residential energy tax credit (from Form 5695) is claimed on line 52.
Residents should save receipts (as is standard for any tax credit) and the Manufacturer's Certification Statement for their records. Forms and more information on qualifying products and measures can be found here.
Additional tax credits are available on geothermal equipment, small wind turbines and solar energy systems.
To qualify, the homeowner must have installed the equipment or completed the home improvement in 2012. New construction, secondary residences and rentals may not qualify for some of the tax credits. Talk to a certified tax professional for more information.
Vectren offers residential and small business rebates for high-efficiency appliances, including natural gas water heaters, boilers and furnaces and electric appliances, including air conditioners and heat pumps. Learn more about Vectren's energy efficiency program, Conservation Connection, at its website or call (866) 240-8476.
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