Save energy. Save money. What could be better?
On February 17, 2009, the American Recovery and Reinvestment Act became law. This bill extended and modified the Energy Policy Act of 2005 with expanded tax credits for energy-efficient home improvements, including windows and doors. Which means when you purchase Wincore® replacement windows and doors that meet specified guidelines, you’ll save two ways. First, you’ll save on home energy costs year round, then you’ll save even more with the 2009-2010 tax credit. Your applicable tax credit will be 30% of your purchase price, up to a $1,500 total credit for all qualifying products, including windows and doors. To find out more about the 2009-2010 Energy Tax Credit, click on the questions below.
The American Recovery & Reinvestment Act provides a consumer tax credit of 30%, up to $1,500, for remodeling projects that improve the energy efficiency of an existing home — including the purchase of energy efficient windows and doors. In order to qualify, replacement windows and doors must adhere to certain guidelines — specifically, a U-value and Solar Heat Gain Coefficient equal to or below 0.30. The tax credit applies to home improvements made between January 1, 2009 and December 31, 2010, at the homeowner’s principal residence.
Individuals are eligible for the Federal Tax Credit as provided in the 'stimulus package' if they purchase and install qualified replacement windows or doors between January 1, 2009 and December 31, 2010. In order to qualify, the replacement windows or doors must meet established guidelines of a U-value and Solar Heat Gain Coefficient of 0.30 or below. Your applicable tax credit will be 30% of your purchase price of qualifying products, up to a $1,500 total credit for all home improvement projects. The purchase of the qualified windows must be made during the taxable year for which the credit is being applied, and can only be applied against the price of the qualified windows themselves – it cannot be applied to installation costs, product assembly or sales tax.
If you are planning to purchase replacement windows or doors, the energy tax incentive included in the American Recovery and Reinvestment Act of 2009 will save you money by applying a tax credit up to $1,500 to your federal tax return, provided you choose qualified products. The $1,500 tax credit is not a deduction. Deductions are used to calculate your total taxable income. This new tax credit is much more advantageous than a deduction because it is not based on your specific income tax bracket, but the qualifying products you purchase. You simply apply the tax credit to either the amount you owe to the IRS, or the refund amount that the IRS owes you. For example, if you owe the IRS $2,000 and can apply the $1,500 full amount of the energy tax credit, the amount you’ll owe will only be $500. Similarly, if you have a refund due of $2,000 and can apply the full $1,500 tax credit, your refund will increase to $3,500. If you purchase qualified replacement windows and doors before December 31, 2010, you will be able to take advantage of this tax credit.
Compliance with the requirements to apply the tax credit is easy. Your applicable tax credit will be 30% of your purchase price, up to a $1,500 total credit for all home improvement projects. To take advantage of the credit on Wincore® products, make sure your supplier orders products that meet the specific guidelines. Complete IRS Form 5695 (not available until late 2009 or early 2010) and submit it along with your purchase receipt and the Manufacturer's Certification Statement when you are filing your federal income tax return. Print and save the Manufacturer’s Certification Statement.
View & print the Manufacturer's Certification Statement (PDF Format)
View & print the Manufacturer's Certification Statement (PDF Format)
In order to qualify for the 2009-2010 Energy Tax Credit, windows and doors must have a U-value and Solar Heat Gain Coefficient of 0.30 or below. By choosing Wincore®, you will find a variety of energy-efficient windows and doors that qualify for this tax credit through the use of Low E glass. Click on the link below to download and print a list of qualifying products. As our product offerings continue to expand, this list will be updated. For more information on product requirements, visit http://www.energystar.gov/index.cfm?c=products.pr_tax_credits.
View & print the Wincore® Qualifying Prodcut List (PDF Format)
View & print the Wincore® Qualifying Prodcut List (PDF Format)
Investing in your home is always a good idea. In today’s economy, it seems to be one of the safest investments you can make. There are several advantages to purchasing energy-efficient windows and doors over other home improvement projects like adding insulation or a new air conditioning system. Experts* rank replacement windows as having one of the highest return-on-investment rates of all home improvement projects. In addition, energy-efficient replacement windows and doors start to help reduce your heating and cooling costs as soon as they are installed. What’s more, Wincore’s® wide variety of window shapes and styles enhances curb appeal and the low-maintenance vinyl ensures lasting beauty.
* Source: Remodeling 2008-09 Cost VS. Value Report
http://www.remodeling.hw.net/2008/costvsvalue/national.aspx
* Source: Remodeling 2008-09 Cost VS. Value Report
http://www.remodeling.hw.net/2008/costvsvalue/national.aspx
Wincore® Windows and Doors does not claim to be a legal, tax or financial advisor. The information included is not comprehensive. For comprehensive information, please consult your tax advisor. Wincore® is not responsible for determining if window order(s) qualify for a tax credit, or if the purchaser will receive a tax credit. Review IRS Energy Tax Credit guidelines prior to purchasing.
