The National Directory of Certified Public Accountants

Ask A CPA - Residential Energy Credit

Energy Tax Credits - 2013

In 2013, A taxpayer is allowed a 10-percent nonbusiness energy property credit for the purchase of qualified energy efficiency improvements to existing homes There is a limitation of $500 on the total amount of nonbusiness energy property credit that may be claimed. This limitation is a lifetime limitation, not an annual limitation. This credit was to expire with respect to any property placed in service after December 31, 2011. ATRA, Sec. 401, extends the availability of the credit to property placed in service before January 1, 2014. In 2013 are 30% tax credits on large energy installation projects that are geared towards environmental aware taxpayers. They include geothermal heat pumps (no upper limit, both principal residences & second homes apply). Solar energy systems (no upper limit, both principal residences & second homes apply). Small wind turbines (no upper limit, both principal residences & second homes apply). Fuel cells (up to $500 per .5 kW of power capacity and for Principal residences only).

If you need professional help with "Residential Energy Credit" or have other tax questions, we can help you find a local licensed CPA for a free, no-obligation consultation.