You may qualify for a residential energy credit if you install qualified property in your home. The credit is generally equal to 10% of qualified expenses, up to a lifetime maximum credit of $500. Which means that if you renovate your home with qualified property then you would have to spend up to $5,000 worth in order to receive the full credit. This could include things like new windows, doors, roofs, and certain appliances and AC units that meet energy requirements.
This residential energy credit is now scheduled to expire after 2013, but it has already been extended several times in the past. If you were going to buy the energy-saving property anyway, you might as well do it this year.
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