September 21, 2009
TAX CREDIT MAKES WOOD STOVES AND FIREPLACE INSERTS MORE AFFORDABLE
Earn up to a $1,500 Tax Credit When Purchasing a Clean, Green Heating Appliance
Arlington, VA (September 21, 2009) - As temperatures fall and thoughts turn to warding off the approaching cold weather, Americans have more incentive than ever to install a new wood or pellet-burning stove. That's because homeowners can save significantly thanks to a federal consumer tax credit designed to encourage energy-conscious purchases. It can cover 30 percent of the cost of clean, fuel-efficient stoves and fireplace inserts, up to a maximum credit of $1,500.
"Fall is here, and most families will be looking for ways to cut their home heating bills," said Jack Goldman, president of the Hearth, Patio & Barbecue Association (HPBA). "Fireplaces and stoves have always been a great option for saving money because they reduce energy costs and add value to homes. But with this new tax credit, there's never been a better time to buy."
How it Works
The tax credit - which can lower your tax bill on a dollar-for-dollar basis - applies to stoves or fireplace inserts purchased between January 1, 2009 and December 31, 2010 that:
- Burn a biomass fuel source like wood or renewable pellets
- Will be installed during the eligibility period in an existing principal residence, not a newly constructed house or vacation home
- Meet a minimum 75% efficiency rating as certified by the manufacturer
Purchasers of qualifying stoves and inserts can claim the credit on their federal tax return. These consumers should save their receipt and the manufacturer's certification that states the appliance they purchased is eligible. Installation and venting costs are included in calculating the credit's total value, as long as professional installation is required for the proper and safe operation of the stove.
Get the Facts
To help consumers learn more and find the right stove or fireplace insert for their home, HPBA has developed a special website - www.hpba.org/taxcredit - with helpful tools that include:
- Tax Credit FAQ. Get answers to commonly asked questions about how the credit works, what qualifies and how much you can save.
- Wood vs. Pellet. Learn the difference between appliances that use these two efficient and eco-friendly fuel sources.
- Fuel Efficiency Calculator. Home experts estimate that stoves and inserts can reduce annual heating costs by 20 to 40 percent. To help consumers evaluate their options, HPBA developed an online calculator that approximates annual savings depending on your home's current heating source and the fuel you select.
- Specialty Retailer Locator. HPBA members provide the expertise, personal service and product selection consumers need to make the right decision. Find the store closest to you by entering your zip code in HPBA's retailer locator.
"This tax credit offers consumers the best-yet opportunity to control home heating costs and support renewable energy," said Jack Goldman. "Today's stoves and inserts not only provide efficient heat, but are also environmentally friendly - and the tax credit makes them extremely affordable."
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About Hearth, Patio & Barbecue Association (HPBA)
The Hearth, Patio & Barbecue Association is an international trade association first established in 1980 to represent and promote the interests of the hearth products industry in North America. In 2002, the Hearth Products Association (HPA) merged with the Barbecue Industry Association (BIA) to form HPBA. The association includes manufacturers, retailers, distributors, manufacturers' representatives, service and installation firms, and other companies and individuals - all having business interests in and related to the hearth, patio and barbecue products industries. For more information, please visit www.hpba.org or www.woodstovechangeout.org.