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Residential Energy Efficient Property Credit - Form 5695

The Residential Energy Efficient Property Credit provides taxpayers with a nonrefundable tax credit for installing qualified residential alternative energy equipment such as solar electric property, solar hot water heaters, geothermal heat pumps, fuel cell property, and small wind energy property, installation costs included.

You could receive a credit of up to 30% of the cost of installing these energy efficient improvements. Thanks to the 2009 American Recovery and Reinvestment Act there are no maximums on the credit, except for fuel cell property which is capped at $500 and small wind turbines which are capped at $4,000.

Previously for the 2006 and 2007 tax years, the credit only allowed for up to $2,000.

Additionally this credit is not restricted to your primary residence, but can be claimed for any home you own, including new construction.

Currently the credit is set to expire on December 31, 2016.