Last night (December 16, 2010) Congress extended the $2,000 federal tax credit for builders who build energy efficient homes. The extension is from January 1, 2010 to December 31, 2011. The extension was part of a sweeping tax package negotiated by the White House and Republican Congressional leaders.
The legislation also includes a provision that extends the tax credit for consumers who purchase qualified energy saving products, but lowers the credit to its pre-economic recovery act levels. The new bill extends the credit to the end of 2011, but reduces the incentive to the original 10% up to $500. Included are provisions limiting window incentives to $200, oil and gas furnace and boiler incentives to $150-200, and water heater and wood heating system incentives to $300. As part of the legislation, Congress tightening the specifications for oil furnaces and boilers and gas boilers to 95% efficiency, up from the 90% efficiency in current credit.
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