$1500/$300 IRS Tax Credit for Energy Efficiency!

Our Wood Stoves Qualify for the Tax Credit 2009 - 2010 - 2011 / Outdoor Wood Furnace Tax Credit 

IRS Homeowner Energy Tax Rebate

for the Purchase and Installation of a High Efficiency Biomass Stove

On February 17, 2009 President Obama signed into law, H.R. 1, the American Recovery and Reinvestment Act (ARRA).  This economic stimulus legislation includes a 30% tax credit (up to $1,500) for the purchase in 2009 and 2010 of a 75%-efficient biomass-burning stove as measured using a lower heating value. For 2011, that figure has been reduced to $300.00

From IRS form 5695: A stove that uses the burning of biomass fuel to heat your home or heat water for your home that has a thermal efficiency rating of at least 75% as measured by using a lower heating value. Biomass fuel is any plant-derived fuel available on a renewable or recurring basis, including agricultural crops and trees, wood and wood waste and residues (including wood pellets), plants (including aquatic plants), grasses, residues, and fibers.

The Internal Revenue Service (IRS) issued the guidelines for determining what stoves meet the efficiency requirements to qualify for the credit on June 1, 2009. In summary, to qualify a homeowner must:

1. Purchase and install a SHAVER Pro Series 165, 250, 290 or 340 in either 2009, 2010 or 2011.
2. Save the purchase receipt
3. Save a copy of the Weld Rite Inc. certification for the SHAVER 165, 250, 290 or 340
4. Claim the tax credit associated with your qualifying purchase on your
       federal filing for the 2009 or 2010 or 2011 tax year.
   
   Details of the Tax Credit
   
   1. Tax credit is 30% of the amount paid for the qualifying product up to
       a maximum of $1500 combined for 2009 and 2010. $300 for 2011.
   2. The credit applies to the homeowner's primary residence only.
   3. A tax credit is a dollar-for-dollar reduction subtracted from your
       tax liability. Therefore, $1,500 can be subtracted directly from the
       amount of tax that is owed, or added to a tax refund. ($300 in 2011)

From IRS Form 5695

Residential energy property costs. Residential energy property costs are costs of new qualified energy property that is installed on or in
connection with your main home that you owned during 2009 located in the United States. This includes labor costs properly allocable to the
onsite preparation, assembly, or original installation of the property. 

Qualified residential energy property is any of the following:

- Certain electric heat pump water heaters; electric heat pumps; central air conditioners; natural gas, propane, or oil water heaters; and stoves that use biomass fuel.

- Qualified natural gas, propane, or oil furnaces; and qualified natural gas, propane, or oil hot water boilers.

- Certain advanced main air circulating fans used in natural gas, propane, or oil furnaces.

Frequently Asked Questions

Rather than attempt to keep our site updated with the latest information on the ARRA tax credit, we encourage you to visit the Hearth, Patio and Barbeque Association (HPBA) website. They have compiled an extensive list of frequently asked questions regarding the tax credit.

* WELD RITE Inc does NOT provide tax advice. Please consult with your tax advisor for eligibility and answers to your specific questions.