Don't miss out on federal tax credits

If you're hoping to cash in with some federal tax credits, you'd better hurry.

Angie Hicks, of consumer group Angie's List, says "Time is running out to take advantage of federal tax credits. A lot of credits expire at the end of this year. The credits relate to home efficiency opportunities, so making those improvements now before the end of the year is going to be important."

According to Angie's List, homeowners have until  December 31, 2011 to purchase the qualifying items.

Those include:
·    Heating, Ventilating, and Air Conditioning
·    Insulation
·    Roofing (asphalt & metal)
·    Water heater (non-solar)
·    Biomass stove
·    Windows & Doors

According to Angie's List, the credit is 10 percent of the cost of qualifying energy-efficient home improvements up to $500, or a specific amount from $50-$300.  You will also likely see savings down the road on your energy bills.

More tips and information from Angie's List:
 
1.    HVAC Systems: Heating and cooling account for more than half the energy used in a typical home. If your heating or cooling unit is more than 10 years old, and you have had substantial repair costs, it may be a good time to think about replacing.
2.    Insulation:  A home should we well-insulated, from the roof to its foundation. If not, it could easily lose nearly half of its heating and cooling energy. How to tell if you need insulation? Look in your attic for exposed 2-by-4's. For the walls, find a spot, preferably in the closet where it's not seen, and make a small puncture hole with a wire. You should feel resistance and insulation. It's a good idea to have an energy audit done to determine areas in need of insulation.
3.    Water Heaters: Water heating can account for up to a quarter of the energy consumed in your home. Maintained properly, water heaters will last for years and deliver gallon after gallon of hot water. But if your water heater is more than ten years old, it's probably operating at less than 50 percent of its efficiency.
4.    Roofing: Industry experts say qualified roof products reflect more of the sun's rays; lowering the roof surface temperature by up to 100F, thus decreasing the amount of heat transferred you're your home. Curling, crackling and blistering of the shingles and/or a leaky roof are indicators that you need a new roof.
5.    Windows: By replacing your windows you can expect a return on your investment of at least 80 percent. If you notice condensation and drafts on and around your windows, or rotting or warping frames, you might be in need of an upgrade.
6.    Doors: The front door is a great way to increase curb appeal, and today's styles are more energy efficient. If your door is 15 years or older, splitting, or cracking - then it's likely time to replace.
7.    Biomass Stoves:  Biomass stoves burn renewable sources to heat a home or heat water. The stoves burn pellets made from wood, corn, straw and other agricultural resources. Many new stoves come with EPA-approved standards that burn off most of the polluting gases and increase your stove's efficiency by as much as 10 percent.

Angie's List Buying Tips:
·    It pays to do your research: It's important for homeowners to research the credits for home improvement products before buying. Each item has its own requirements in order to qualify. For example, the tax credit for insulation does not include installation costs. Don't rely solely on the company doing the installation, also check with your tax consultant.
·    Save for tax time: Homeowners need to save receipts and the signed statement from the manufacturer certifying the product qualifies for the tax credit with your records for tax time.