If you are making energy saving improvements to your primary residence or second home, time is running out. The improvements have to be installed by December 31, 2010 to be eligible for the tax credit. Just making the purchase or signing the contract is not enough, the installation has to take place this year.

The tax credit for the cost of energy-saving home improvements is 30 percent for 2010, up to a combined maximum of $1,500 for both 2009 and 2010. If you used the entire $1500 in 2009 you cannot take more credit in 2010. If you took a partial credit last year (say $1000) then you have $500 of available credit to use in 2010. This applies to qualified insulation, windows, outside doors, biomass fuel stoves, high-efficiency furnaces, water heaters and central air conditioners.

(This article contains the current opinions of the author but not necessarily those of Brighton Securities Corp. The author's opinions are subject to change without notice. This blog post is for informational purposes only. Forecasts, estimates, and certain information contained herein should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. References to specific securities and their issuers are for illustrative purposes only and are not intended and should not be interpreted as recommendations to purchase or sell such securities).