Homeowners who were kicking themselves, thinking that they’d missed out on the tax breaks associated with installing energy efficient home replacement windows before the year ended can take heart: the House of Representatives has passed a new version of an energy bill earlier this month that would extend those credits another year.
The news about the tax benefits associated with home replacement windows has been lost in all of the hullaballoo about new fuel economy standards for automobiles. However, the news is just as important! There may even be more people who benefit from the tax credit for installing Energy Star rated home replacement windows than those who will enjoy the positive aspects of new automotive fuel economy standards.
The bill enjoyed significant bipartisan support — rarer in Washington than an energy efficient single pane window! — and President George Bush signed it into law on December 19, 2007.
It’s clear that the government values the significant amount of energy savings that home replacement windows offer. It’s estimated that the provisions of the Energy Independence and Security Act of 2007, which includes the pivotal replacement window and door credits, will save American consumers and businesses over $450 million! Energy consumption is projected to drop by nearly 10%, as well as green house gas emissions. That’s good news for everyone.
So if you thought you missed the window and lost your chance to enjoy a tax credit on your new replacement windows, take heart. The same credit will be available in 2008. To qualify, windows can be vinyl home replacement windows, fiberglass home replacement windows, or wood home replacement windows. They must be Energy Star rated, and installed before the end of calendar year 2008. There’s no guarantee that this legislation will be extended yet again, so don’t leave it to chance. It’s the time, right now, to start researching and shopping for your home replacement windows!
In fact, this might be the ideal time to install home replacement windows. Pressures on the economy and housing market have made conditions favorable for the consumer. If you’re considering upgrading with vinyl replacement windows, for example, you might be surprised with the favorable financing and attractive pricing packages that are coming onto the market. More and more homeowners who are considering selling their homes know that home replacement windows are an upgrade that help them realize higher prices for their homes — important in what looks to be an continually increasingly competitive marketplace. Add to that the now extended tax credits and all in all, it’s a great time to shop for home replacement windows!