$1500 Wood Stove Tax Credit to Expire December 31

Biomass [bahy-oh-mas] –noun  - Organic matter, esp. plant matter, that can be converted to fuel and is therefore regarded as a potential energy source.

If you’re in the market for a new wood stove, pellet stove, fireplace, or fireplace insert, now is the perfect time to buy – while there’s still time for you to claim a tax credit of up to $1500 on your 2010 federal income taxes.

The tax credit, which expires December 31, 2010, is good for 75 percent-efficient biomass burning stoves and can be used for the purchase and installation of the stove, venting, and hearthpads.

The best news:

The tax credit is good on all stove and fireplace brands Rich’s for the Home carries, including Lopi, Hearthstone, Avalon, Morso, and Harman.

When you purchase an energy-efficient stove, fireplace, or fireplace insert, you’ll receive certification that the product qualifies for the tax credit.

Here’s how the tax credit works:

Say you spend $3,000 on a stove. You can claim a 30 percent tax credit – or $900 – on your federal income tax return. The credit either increases your tax refund or decreases your tax bill, dollar-for-dollar.

The Camano Stove

We’ll have a brand new model of wood stove on display at Rich’s in early September. It’s called the Camano. This contemporary stove (which has a twin gas stove model) is manufactured right here in the Seattle area, at Travis Industries’ Mukilteo plant. Travis Industries builds the popular Lopi, Avalon, and Fireplace Xtrordinair brands of stoves. The wood stove version of the Camano is eligible for the tax credit.

There are two fantastic benefits of heating with biomass:

1.  Lower heating costs – Wood and pellet prices fluctuate less than propane, oil, and natural gas.

2.  ‘Green’ heating – Wood and pellet fuel is a carbon-neutral, renewable resource. Today’s stoves  produce more heat with less wood and are clean-burning, with less ash and minimal outside air emissions. They eliminate 75 percent of the carbon emissions associated with fossil fuel burning.

Here’s a video from our friends at Travis Industries that includes more details about the tax credit:

Biomass Tax Credit from Travis Industries on Vimeo.

For complete details about the tax credit:

IRS Notice 2009-53, Non-business Energy Property

Hearth, Patio & Barbeque Association (HPBA)