Tax Incentives

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Tax credits, rebates and other incentives are available to Ohio homeowners for energy-efficient home improvements.

FEDERAL TAX CREDITS UP TO $1,500

The American Recovery and Reinvestment Act, which was signed into law by President Obama in February, 2009, offers homeowners tax credits for 30% of the cost — up to $1,500.00 — for qualifying energy-efficient equipment "placed in service" between January 1, 2009 through December 31, 2010.

Eligible home improvements include home heating equipment such as furnaces, boilers and water heaters. The tax credit amount is 30 percent of the cost, including installation, for your new heating equipment. Strict minimum efficiencies apply, and not all Energy Star® rated equipment are eligible. See EnergyStar.gov or speak with your local Oilheat dealer for information on qualifying equipment.

A tax credit reduces tax dollar-for-dollar, while a deduction only removes a percentage of the tax that is owed. Consumers can itemize purchases on their federal income tax form, which will lower the total amount of tax they owe the government.

In order to get the tax credit, you will need to file IRS Form 5695 with your taxes. In addition, you will need to keep at least receipts proving that you purchased the improvements and a copy of the manufacturer's certification. Accountants and tax advisors should also be able to provide more guidance.

For more information:

www.EnergyStar.gov www.energy.gov/taxbreaks.htm www.ase.org

STATE PROGRAM

ECO-Link
Energy Star rated oil-fired water heaters, boilers and furnaces are eligible for the Energy Conservation for Ohioans (ECO-Link) program. ECO-Link is designed to provide reduced rate financing through partnering banks for Ohioans completing "whole home" weatherization and energy efficient improvements in their homes. ECO-Link provides the powerful lending resources needed to allow homeowners to enjoy a more comfortable home, realize the saving from energy efficient products, and develop Ohio as a leader in the developing green economy. For more information on ECO-Link, click here.