For all those Replacement Window questions
7 posts • Page 1 of 1
I know that many state and local govt.'s have different programs and grants, other than energy star, that you can look into to help pay for the windows, et al. Some municipalities look for homeowners who are willing to improve their properties. Rochester, NY has a grant where they'll help out, but the downside is they put a lein on your house for X number of years, with the stipulation that it will come off IF you stay for the entire time the lein is on. I think there, it's 5 years. The downside to that is that IF you decide to finance anything else, or take out a home equity loan, I should say, Rochester will not subordinate, or step down a spot to allow another finance institution to be above them as a lein holder. I've lost some sales because of that there. Also, when financing with a secure (Home equity) loan, you can claim the interest as a tax deduction. Now, of course, if you can't beat the standard deduction, that won't make a hill of beans, but otherwise, it's good for a couple hundred bucks a year back.
I think I heard it was $300 for Energy Star appliances and an additional $200 for windows. Not exactly what homeowners were hoping for is it. The original proposals were for 10% of up to $20,000- or a $2000 tax credit. Very disappointing.
The bill was signed last month and sent to the house in which they have 45 days to approve or change and return before it goes into effect. The $200 amount requires LowE(or EnergyStar rated units) and should cover the manufacturer increases we expect to see during the 1st quarter of 2006. The credit will be available for 2-3 years and I believe you must change all your windows in living areas.