As of now the 2009 and 2010 stimulus act for energy star home improvements is set to expire on December 31st, 2010. With that goes the $1500 federal tax credit that many homeowner’s have been hoping to get! (and still can if you visit Global Home’s Tax Credit Page)

But what about the future? Is this tax credit really going to expire for good or will it be extended and possibly even increase in 2011 and 2012?!?

Well, at Green is Global we may not have the exact answer but we have some very good insight:

Earlier this year the House passed, a measure to create a similar tax credit that would be $3,000, that has been called “Cash for Caulkers.” Currently, the bill is sitting in the Senate.

The bill was formally called Home Star.  Home Star would employ a two-tiered structure for energy-efficiency rebates. Its Silver Star program tier would provide up to $3,000 per home in prescriptive rebates for straightforward home upgrades, including insulation; efficient heating, ventilation, and air conditioning units; new windows; and other measures. The Gold Star program tier would offer $3,000 rebates for more comprehensive energy retrofits achieving at least 20% energy savings, with rebates increasing up to $8,000 per home for retrofits achieving 45% energy savings. Quality assurance inspectors would visit 10% to 15% of both Silver and Gold Star participating homes to ensure measures are properly installed. H.R. 5019 authorizes $6 billion in funding for the program (for FY10 and 11).

So, although there is no guarantee that there will be a federal tax credit, there is certainly hope!