Stove Tax Credit Up For Renewal?

As it stands today, the bill now pending in Congress, there is just a $500 maximum tax credit. Moreover, you’ll have to spend more to get that full credit. Through 2010, the credit applies to 30 percent of the cost of your energy-efficient upgrade, but next year it only applies to 10 percent of the cost. So, for example, if you spend $1,000 on insulation you could claim a $300 credit this year, but just $100 next year.

Of course, the bill is being debated and is changing as we speak....but don't count on 1500 after next year...the apple is starting to sour, so better get it while it is still ripe.

Things may well change next yr. I heard, on the radio, during a newscast, a Texas Rep. Congressman answering a question more or less related to this. He said something along the lines of [paraphrasing here, as I did not record his exact words], "We're gonna take a hard look at these tax credits, this stupid hippy crap for wood stoves and solar energy and....." Stupid hippy crap. Huh. He is only one vote, but other Rep's have been saying similar things in a slightly more diplomatic way. The renewable energy credits are supposed to run through some time in 2016. I think anyone counting on that is taking a risk. Laws and reg's can be changed, and are. Carter helped get a five-year tax credit thing done back in '79 to run thru '84. Reagan got in, tried to stop that credit deal and was ultimately unsuccessful. The new Congress could try the same thing, though perhaps they won't be able to. Who knows.

If I could buy a Mr. Fusion, I would....



Not to get political, but since the Federal Government and every, State, County, and town government are out of money and on top of that every American family is about $8K in personal consumer debt....Plus just under 1/4 (23%) of homeowners owe more on their house than the house is worth (underwater), I am at the point where if legislation (or an individual's purchase) cannot be paid for then no way in the world it should pass into law (or be purchased). Ok, I am now off the soapbox...

Where is Mr. Fusion? That would look good on my car.....

The nice thing about these energy tax credits is that they create infrastructure. The windows I bought will permanently lower my utility bills, lessen stress on the electrical grid, lower demand on scarce energy resources, make me more comfortable, and free up my cash to invest in other ways. And, it paid someone to do the work who in turn paid taxes. Same is true for the stove credit. By a tiny bit, the whole nation benefits, just as it did when it invested in my education.

Gauging the mood of the next congress and the various parameters, I'd say that if you haven't used your 2009-2010 tax credit, do it now. The probability that it will be restored at its current level for 2011 I put somewhere around 5%.

Yes, dealers are swamped.
I've been to 4 different dealers (comparing stoves, delivery and installs) and they are unable to book and provide services until the end of Dec and into Jan.)

I am wondering if dealers are maintaining high prices on the stoves/inserts, etc. until this tax credit/christmas rush is over (Jan 1). I've used my tax credit for 2009-2010 and now gambling dealers will drop prices after the new year...

You gotta have strong willed patience to shop for a stove right now....stove shops are buzzzzzzzn' with customers, a salesperson can barely focus on a single person, needless to say reply on customer questions, reivew measurements, scheduling...it's to stressful shopping for a stove and finding a "deal" right now....

Fortunately, this web-site has been heaven sent, everyones questions and responses has been tremendously helpful..a majority of my questions and concerns have been answered and it is enjoyable reading other folks questions, thanks to the 'brothers of fire', I have learned alot!

I for one hope to see some sort of tax credit for more energy efficient upgrades. The upgrades continue to make my house much more efficient, and saves me money every month. I was going to buy a stove anyways this year (so the credit was just a bonus). But I did put a new Anderson door in only because of the tax credit. So the contractor made a nice slug of money and two employees had two full days of work. I am like some of the doubters though, and wonder how much economic activity the tax credits actually created?

As to the hippie stuff mentioned (solar power, small scale wind, geothermal, etc.), I think those are actually considered "Residential Renewable Energy Credits", those expire in 2016 (don't quote me on this.) These are pretty cool because you get a 30% credit without any cap. Still doesn't make the bight of 20k of solar panels any less painful though.



Little Spark

I read there are several 'titles' to tax credits...is there 1 tax credit with several different names/games?
I also replaced (patio, storm doors) and roof and considered these as a tax relief, but is there a separate tax credit for biomass (heating source)energy efficiency?
and does a wood stove (bio-mass heating source) HAVE to be 75% efficient to be considered for tax relief? That wipes out alot of stoves where manufactures have rated their stoves as less than 70% efficient..