Upgrading your home to make it more energy-efficient doesn’t just help the environment. It also helps your wallet through reducing your energy costs, increasing your property’s value, and giving you money back in the form of residential energy tax credits for home improvements.
Help is at hand because you can take care of some of those upfront costs with the help of tax breaks on specific home improvement projects. Here’s what you need to know to claim the residential energy tax credit.… Read the rest
Tax season is going to be here before you know it. Therefore, now is the time to make sure that you have made all of the energy-efficient upgrades to your home.
By having an energy efficient home, you will save money on your bills and pay less money in taxes. Learn how you claim home energy tax credits if you qualify.
Non-Business Energy Property Credit
You can get a 10% credit for your energy efficient improvements. Things that fall under this category include:
- Water heaters
- Electric heat pumps
- Central air conditioners
- Natural gas, propane, or oil water heaters
- Qualified oil furnaces
- Qualified oil hot water boilers
- Some air circulating fans
- Insulation that reduced heat loss or gains
- Exterior windows, skylights or doors
- Storm windows and doors
- Solar panels
- Metal and asphalt roofs that reduce heat loss or gain
Residential Energy Efficient Property Credit
This energy tax credit will allow you to have a 30% credit for the alternative energy equipment that you have had installed.… Read the rest
One of the most valuable tax credits available to homes and businesses is the solar energy tax credit. It’s a tax credit that applies to solar-powered hot water and panel systems. It’s worth up to 30% of the total cost of purchase and installation.
At the end of the year 2015, Congress extended this credit for four years. That means it’s currently possible for you to claim the solar tax credit until the end of 2019 in its current form. It will gradually phase out until 2022 when homeowners can no longer claim it, and it’s only worth 10% to businesses.… Read the rest