Homeowners who purchase energy-efficient replacement windows may qualify for a tax credit from the IRS
According to Simonton Windows, under the new law, when taxpayers purchase replacement windows that meet specific energy efficiency requirements, they are eligible for 30% of the amount returned as a tax credit. This credit is capped at $1,500 for the years of 2009 and 2010.
This law has some very specific restrictions. It is important to note the following:
1. Windows purchased must be equal to or below a U Factor of 0.30 and a Solar Heat Gain Coefficient (SHGC) of 0.30. It is important to note that these are NOT the same factors as Energy StarŪ qualifications, so you need to specifically check on the U Factor and SHGC ratings of the windows ordered.
2. The purchase of the qualified windows must be made during the taxable year for which the credit is being claimed.
3. The credit is only allowed on the price of the qualified windows themselves, not on installation costs, onsite preparation, assembly or sales tax.
4. The tax credit is allowable only for qualified window units placed in service in 2009 and 2010.
The credit is provided for all qualified windows purchased and installed in 2009 and 2010.
A major benefit of a tax credit is that, unlike a tax deduction that only reduces the amount of your taxable income, a tax credit reduces the amount of tax you owe.
Not all windows are eligible. The windows your purchase must have a glass package equal to or below a U Factor of 0.30 and a Solar Heat Gain Coefficient (SHGC) of 0.30.
The U Factor is the amount of heat transferred through a material. The lower the U-value, the slower the rate of heat flow and the better the insulating quality of the window.
The Solar Heat Gain Coefficient (SHGC) is the percentage of heat gained from both direct sunlight and absorbed heat. The smaller the number, the greater the ability to reduce solar heat gain into the home.
As long as the windows meet the qualifications set by the U.S. government for energy efficiency, you may purchase the windows from any source. Simonton recommends you select a window product backed by a strong warranty from a company with a solid history and track record for exceptional service.
Remember to retain your receipt for the window purchase along with all window labels that come on every window. If you purchase your qualified windows in 2009, you can submit to receive your tax credit on your 2009 taxes. If you purchase your qualified windows in 2010, you can submit to receive your tax credit on your 2010 taxes.
Simonton says there is an advantage of purchasing energy efficient windows for your home over other energy efficient products, such as increased insulation or a heat pump
This type of window immediately reduces your heating and cooling bills from the day they are installed. Energy efficient windows also add to the beauty and kerb appeal of your home. When selecting vinyl windows, they also allow for low maintenance to make your life easier. Energy-efficient window replacements provide immediate added value to your home, your energy bills and your lifestyle.
A complete listing of Simonton windows that meet the requirements for the tax credit are listed at www.simonton.com/taxcredit.
Founded in 1946, Simonton has a long and solid reputation for offering top-quality windows. The company offers a strong warranty on all its products and has a wide variety of styles, sizes and options available for homeowners nationwide.
Simonton is part of the very successful home and hardware division of Fortune Brands, which includes Moen, Therma-Tru and MasterBrand Cabinets. The stability of Fortune Brands assures consumers that we have the solid support of a major company behind us.
To locate a Simonton dealer in your area, go to www.simonton.com and use the "Dealer Locator" button or call 1-800-SIMONTON for assistance.
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