Any Tax Credits for me, a current homeowner??

Any Tax Credits for me, a current homeowner?
Recently there has been a lot in the news about the tax credit for first-time homebuyers but don’t think there is nothing in it for existing homeowners. Many sources have told consumers not to stop thinking “energy conservation” that the price of oil is down. In that light the Obama Administration is expanding that caution by enticing homeowners to make energy efficient improvements in their homes.
For a complete list of Energy related credits such as new heat pumps and Hybrid cars etc,
In last year’s stimulus package the government provided for a 10% tax credit of the cost of new windows, doors, roofing, insulation, furnaces, air-conditioning systems and heat pumps. The old rules had a lifetime maximum of $500 total credit.
Many in the remodeling industry thought the meager 10% credit was not enough reason to undertake major renovations and they were right. There was no discernable increase in improvement activity tied to the tax credit.
As you may know a tax credit lowers your total tax due dollar for dollar. If you owe the IRS $500 and have a $200 credit, that $500 gets lowered to $300. A tax deduction, however d means you can reduce the amount of taxable income that you owe taxes on. The real benefit is seen after your apply your tax bracket. Anytime you figure it out, a Credit is better than a Deduction.
ENTER 2009: In order to both increase economic activity (remodeling) and expand energy efficiency, the new stimulus package raises the tax credit to 30% of the cost. It also tripled the lifetime maximum to $1,500. It is retroactive from Jan 1, of this year and expires at the end of 2010.

The new provisions also apply to newly added systems such as solar-energy panels, water heaters and geothermal heat pumps.

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