A More Efficient Hearth and Home
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In 2006, people who make energy-saving improvements to their home can claim tax credits from $50 to $4,000, as long as the work is on their primary residence and it's in the United States.
A taxpayer can claim a credit of 10 percent of the cost -- up to $500 -- of installing energy-efficient insulation or exterior windows that qualify under IRS rules. And taxpayers can claim credits from $50 to $300 -- again up to $500 total -- for other improvements, such as a $150 credit for installing an energy-efficient gas, propane or oil furnace, and another $150 credit for an energy-saving water boiler. No more than $200 of the $500 maximum can be for window improvements.
Installing solar heating panels or a solar water heater can provide a tax credit of up to 30 percent of the cost of each, up to $2,000, for a total maximum credit of $4,000.
