Residential Energy Credits on tax forms

[Dojistar]

Are pellet stoves allowed under this provision on you taxes??

I believe it is form 5695, up to $500 in tax credits for energy saving improvements.

 

[sherri]

After reading on irs.gov about these forms, i dont think that it includes pellet stoves. But i think i will still ask my tax guy just in case.

 

[tinkabranc]

We just got our taxes done and our accountant searched through
every thing he could find to see if there was a way to claim the
pellet stove. NOPE.

The energy credit is for things like efficient windows, new furnace and
appliances with that yellow energy label on them.

He mentioned that if the stoves came with one of those yellow energy labels we would
have been able to fit it in under one of the group categories.

 

[Dojistar]

Oh well. Worth a shot.

I'm still saving $150-$200 a month running the pellet stove instead of the electric heat. That's good enough.

 

[JoeS]

You would think that an energy credit would be offered on pellet stoves considering that in some cases you are shifting the dependence from foreign oil to domestic fuel sources or in other cases lessening your dependence on local electric and gas suppliers. That being said I will gladly take the savings per month compared with what my propane bill use to be!

 

[tinkabranc]

You would think that an energy credit would be offered on pellet stoves considering that in some cases you are shifting the dependence from foreign oil to domestic fuel sources or in other cases lessening your dependence on local electric and gas suppliers. That being said I will gladly take the savings per month compared with what my propane bill use to be!

Yep- thats what we said too. The response was that we are not "technically" saving energy, we
are saving money by using an alternative heating source. As you stated, it was worth a shot.

I am still very pleased with my stove and even more so when my gas company keeps sending me
notices to set up an appointment for emergency furnace maintenance.
They are convinced there is a problem because my bill is only the minimum charge so far this winter.
Never happened before. ;-)

No complaints here.

 

[galen]

Yes, I agree with Joe and Tink, My propane company keeps calling, asking if we switched propane companies. We use to get regular deliveries on a certain day but I had called and canceled Monday. I believe I'll be able to make it to March or April now. I love it.

 

[biggins08]

They will do it eventualy. Once everyone has one!

 

[stoveguy2esw]

i'll say it again; beat on your congresscritters people! they do work for you , tell them what you think. i have my congressman's "contact us" in my e mail contacts, heck they probably know me by name hope so , thats the plan.

ok rant over

 

[bclmread]

Pellet stoves do not qualify for the energy savings credit...

CPA in NH

 

[Cape Cod]

No credit available in Massachusetts or IRS... final! That's it... Nada
After much research and a call to Mass DOR, as for 2008 filings, currently only the state of Oregon allows a tax credit for pellet stoves. IRS is going to allow $300 tax credit this year, 2009, but the details are being worked out and won't be available until March 2009, and will only qualify stoves purchased in 2009, and will be taken on next year's income tax return. Recommend a call to your local Rep and educate him/her about how the pellet stove uses a byproduct of a renewable energy source and lessens reliance on foreign oil. I am only using 1/3 of my usual oil for heat. If prices had stayed at the $4 level, I would have paid for the installation in 1 year. I'll be happy with the money saved and the warmth I haven't had in the house for several years now.

 

[Wet1]

I am only using 1/3 of my usual oil for heat. If prices had stayed at the $4 level, I would have paid for the installation in 1 year. I'll be happy with the money saved and the warmth I haven't had in the house for several years now.

What's the payback now with $2 oil and $300 pellets?

 

[eschills]

Check this link. Federal incentives for renewable energy. There is a federal tax credit of up to $300 that was given from 2005 to 2007, and will again be given in 2009. 2008 does not qualify. Biomass stoves are included.
(broken link removed to http://www.dsireusa.org/library/includes/incentive2.cfm?Incentive_Code=US43F&State=Federal&currentpageid=1&ee=0&re=1)

 

[tinkabranc]

Watch out for loop holes. Last year my accountant stated we could only
get a credit applied towards the pellet stove if it had an energy star label
on it when we purchased it.

 

[mc2055]

Fortunately I have several yellow crayons here from the kids.

 

[mbcijim]

(broken link removed to http://www.pelletheat.org/3/residential/taxCredit.html)
From the Pellet Fuels Institute.

yes there is a $300 credit for burners purchased in '09, but they must have a 75% efficiency.