If you missed out on getting credits for energy improvements on your income tax return last year, you’ve got another chance this tax season. You can claim tax credits on your 2008 return for projects like solar energy and small wind-energy systems. What’s more, the Emergency Economic Stabilization Act of 2008 expands tax credit for energy-efficient home improvements made during 2009, so track this year’s expenditures for next year’s tax return.

Energy tax credits for 2008 and 2009

For instance, you can file for a credit of up to $2,000 on your 2008 or 2009 tax return for qualified geo-thermal heat pumps. Energy tax credits for solar panel installations during 2008 are capped at $2,000, but the 2009 credit will be for 30 percent of the purchase price.

You’ll have to wait until filing your 2009 tax return to claim a credit of up to $500 for energy-efficient windows, doors, roofs, HVAC systems, stoves and water heaters. And even if you claimed part of a credit in 2007 — say, by replacing a few windows — you can still claim the remainder for eligible projects, like swapping out the rest of your windows. Save your receipts and the manufacturer’s certification to use when filing your tax return.

Not all products qualify

Keep in mind that just because a product has an Energy Star label doesn’t mean it automatically qualifies for the tax credit. “For certain products like windows or doors you can just look for the Energy Star [label],” says Karen Schneider, an IT manager for the U.S. Environmental Protection Agency. “But if you just go into Home Depot and say, ‘I need a water heater,’ you probably won’t see the ones that are the most energy efficient.”

Expect to pay more for products with the highest efficiency levels. However, one of the least expensive improvements you can undertake is to add insulation. “One of the first things people should think about is insulation, and there is a tax credit of up to $500,” says Schneider. “People are probably going to save more money by doing insulation and sealing than … by going out and buying a high-end geo-thermal heat pump.”

The EPA lists approved contractors in more than 20 states that can do an energy audit of your home, add insulation or recommend contractors for other jobs like installing HVAC systems or heat pumps.

State rebates add to the tax savings

On top of the federal tax credits, you can save even more money if your state offers tax rebates. For example, New Jersey provides rebates for renewable energy projects that include solar systems.

A New Jersey homeowner with an average-size home who installs a 6,000-watt solar energy system would pay about $48,000, according to Gary Chernowetz, vice president of technical operations for NJ Solar Solutions, Inc., based in Branchburg. “But with the federal energy tax credit and a rebate from the state of New Jersey, your net price after both the rebate and the tax credit would be about $26,250.” Your final totals might differ depending upon your tax filing status, he says.