It's almost the deadline for filing 2009 taxes (April 15th). Are you wishing that you had done something that would have eased the tax burden? There are a rather long list of home improvements that you can do in 2010, not only to reduce utility bills, but make a dent in your taxes.
The Existing Home Retrofit Tax Credit covers an array of energy-saving fix-ups-- from installing certain kinds of windows to powering your home with a windmill-- that qualify for a credit.
The simplest changes that qualify for credits involve buying and installing approved products that improve the energy performance of the home itself, such as insolation, insolated siding, doors, windows, some types of roofing, and skylights.
The credit for these products is 30% of the cost (not including the cost of installation) up to $1,500.
If you install a new furnace, air conditioning, tankless water heater, heat pump, geothermal system, biomass heater, solar or wind installation, the credits could go much higher.
Remember these credits only apply to your principal residence, not to vacation homes.
Don't overlook your state. Some states and communities also have improvement incentives.
If you want to know if these or any other projects will add value to your home, an appraisal is a good place to start.
For more information on tax credits see: www.energystar.gov