Saving money and energy just got a little easier for homeowners. As part of the Fiscal Cliff Legislation, a window film tax credit is being offered for residential structures. The tax credit is a credit for 10 percent of total window film materials cost, with a maximum total credit of $500. The window film tax credit is retroactive to Jan. 1, 2012, and expires on Dec. 31, 2013; if you installed window film in 2012, or plan to install it in 2013, you may qualify for this credit.
In the legislation, window film qualifies as insulation within a home’s exterior envelope.
When this 2012-2013 window film tax credit is properly claimed, the amount of income tax is reduced dollar for dollar, which decreases the amount of income being subject to tax. If you qualify, the credit will either increase your tax refund or reduce the amount you owe.
But tax credits are only one reason to consider window film as you look for ways to save energy at home.
Window film can also save money on your utility bills. According to the U.S. Department of Energy, 25 to 35 percent of energy wasted is due to inefficient windows. The California Energy Commission estimates that around 40 percent of typical cooling requirements are due to solar heat gain through windows. Given these facts, window film could help you with energy savings. And not only does window film reduce energy consumption from solar heat gain in summer, but there are new low-e films that also help keep heat inside during the winter months.
Do you plan to take advantage of this window film tax credit? Why or why not?
PHOTO COURTESY OF SUFINAWAZ