Energy efficiency tax credits

[Alex Franke]

Anyone happen to know if taking the energy efficiency tax credit a few years ago (I think 2007) would preclude me from taking the new one this year? I seem to remember reading a lot about it being a "one-time credit," but as I look at the new FAQ it looks like this is a completely different deal...

Basically you can spend up to $5,000 during this 2 year period on a single or multiple products, for your principal residence that you own and live in, and get 30% or $1,500 (30% of $5,000 = $1,500) back as a tax credit. If you get the entire $1,500 credit in 2009, then you can't get anything additional in 2010.

Our furnace just bit the dust so this would really help! ~$600+ to repair a ~20 yr old 80% furnace, or $3000 for a new 95% one...

[Alex Franke]

To my delight, I just found the answer on this FAQ!

Even if you received the full $500 for the tax credits back in 2006 or 2007, you are still eligible for the full $1,500 in 2009 and 2010.