Here's a look at new tax credits available this year. Homeowners and businesses with specific questions about incentives and tax credits are advised to consult with a tax professional.

Residential Energy Efficiency Tax Credit - up to $1,500

• Applies to eligible equipment purchased between January 1, 2009, and December 31, 2010.
• Eligible Technologies: Water Heaters, Furnaces, Boilers, Heat pumps, Air Conditioners, Building Insulation, Windows, Doors, Roofs, Circulating fans used in a qualifying furnace.
• Eligible Renewable/Other Technologies: Biomass, Stoves that use qualified biomass fuel.
• The aggregate amount of credit for all technologies placed in service in 2009 and 2010 combined is limited to $1,500.
• Equipment must be new and in compliance with all applicable performance and safety standards as described in tax code.
• Improvements or equipment must serve a dwelling in the United States that is owned and used by the taxpayer as a primary residence.

Building Envelope Improvements Tax Credit - 30% of the cost

Owners of existing homes receive a tax credit worth 30% of the cost of upgrading the efficiency of the building's envelope. The following improvements are eligible for the tax credit:

• Insulation materials and systems designed to reduce a home's heat loss or gain.
• Exterior doors and windows (including skylights).
• Pigmented metal roofs designed to reduce heat gain, and asphalt roofs with appropriate cooling granules.

Heating, Cooling and Water-Heating Equipment Tax Credit - 30% of the cost

Taxpayers who purchase qualified residential energy-efficient property are eligible for a 30% tax credit. The credit may also be applied to labor costs for assembly and original installation. The following are eligible:

• Electric heat pump water heaters.
• Electric heat pumps.
• Central air conditioners.
• Natural gas, propane or oil water heaters.
• Natural gas, propane or oil furnace or hot water boilers.
• Advanced main air circulating fans.
• Biomass stoves that use "plant-derived fuel available on a renewable or recurring basis, including agricultural crops and trees, wood and wood waste and residues (including wood pellets), plants (including aquatic plants), grasses, residues, and fibers."