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Residential Energy Tax Credits You Need to Know About

Today, 20% of Americans say climate issues are extremely important to them, and another 56% say it’s very important or somewhat important. Considering the majority of us want to help save the planet, you might be wondering what you can do to reduce your own carbon footprint.

Of course, making changes in your lifestyle can be costly, even if you’re doing it for the benefit of our world. But the good news is, there are residential energy tax credits you can take advantage of!

Read on to find out which residential energy credits you should know about!

Residential Energy Efficient Property Credit

Want to get residential energy credits from the government? Then try here first!

The Residential Energy Efficient Property Credit allows you to claim credit from the total cost of your purchases for alternative energy products and equipment. So this means you can claim on solar power panels!

The Renewable Energy Efficiency Tax Credit

This is another federal-level tax credit you can get when you get green equipment for your home. Things that qualify include:

  • Solar power panels
  • Geothermal heat pumps
  • Fuel cell property
  • Small wind turbines

The amount you can claim depends on when your upgrades were made. you’ll get the most (30%) for upgrades done by December 31, 2016. Anything done between December 31, 2022 and January 1, 2024 will get 22%. Everything in between gets 26%.

The Nonbusiness Energy Property Tax Credit

Here’s yet another federal-level tax credit, especially if you’re looking for tax credit for energy-efficient windows. You can also get tax credit for a roof replacement with this.

Qualified energy-efficient improvements here include:

  • Exterior windows
  • Exterior doors
  • Home insulation
  • Some roofing materials

These qualified improvements fetch you just 10% in tax credit.

However, there’s another category for this federal tax credit. They include costs for:

  • Central air conditioning
  • Electric heat pumps
  • Biomass fuel stoves
  • Natural gas, propane, or oil furnaces and hot water boilers

So if you’re looking for HVAC tax credit, you’d utilize this federal tax credit too.

If you’re not sure where to start still, you can always enlist the help of a company like GoodLeap. They can point you in the right direction!

How to Claim Your Tax Credits

If you want to claim your tax credits, you’ll have to fill out the IRS Form 5695. It should be pretty straightforward to fill out on your own. However, if you have any issues, it might be a good idea to consult a tax accountant, as they’ll be able to help you claim the maximum credit possible.

Make Sure You Get These Residential Energy Tax Credits

By taking advantage of residential energy tax credits, you’ll be able to convert your house into a more eco-friendly one. And you’ll be able to do so without breaking the bank!

So hop to it and start transforming your house into something that Mother Earth will be proud of. And make sure you let your family and friends know about these tax credits so they can follow in your footsteps!

Wondering about other ways to go green? Then browse our other articles now!

Read Also: 5 Undeniably Amazing Moving Tips

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