- The tax credit increases from $300 to 30% of the total cost, up to $1,500. Considering that the stoves typically cost about $3,500 to $4,000 installed, “that’s a huge chunk of the cost,” says Leslie Wheeler, director of communications at HPBA.
- The credit extends to purchases made in 2009 and 2010.
- The efficiency of qualifying stoves (at least 75%) is based on “a lower heating value.”
To be eligible for the 30% tax credit, biomass-burning stoves must be at least 75% efficient “as measured using a lower heating value.” A 75% efficient stove is one that returns 75% of its energy used in the form of heat. “Lower heating value” refers to the amount of heat released. Fireplaces are not eligible. As of May 31, 2009, fireplace inserts are not eligible. Visit www.hpba.org for updates.
From Remodeling Magazine