What is the new residential energy efficient property credit?

With the Energy Policy Act of 2005, Congress created two new credits for energy improvements folks make to their residential homes – this residential energy efficient property credit and the nonbusiness energy property credit. This residential energy efficient property credit allows you to take a credit for use of solar panels, solar water heaters and/or fuel cell power plants. For more information on this credit, please see our discussion at: What is the residential energy efficient property credit?