Tax Credits Help Pay for Home Energy Upgrades

<p>If you are looking to make upgrades that will improve your home's energy efficiency, a variety of tax credits are available to help.</p>

<p><script type="text/javascript" src="https://live-cwb-tse2.pantheonsite.io/modules/custom/engage_drupal_module/js/jquery-3.3.1.min.js"></script></p><div class="ql-embed"> <script type="text/javascript" src="https://cdn.questline.com/static/scripts/segment.js"></script> <script type="text/javascript"> var segmentPayload = null; var timeOnPagePayload = null; var sessionId = newGuid(); document.addEventListener('DOMContentLoaded', function() { replaceSiteURL(); setUpSegmentTracking();segmentInitialize();setupLinkTracking(); }); function replaceSiteURL() { var url = window.location.toString(); var socialURL = removeParameterFromUrl(url, "subscriberId"); document.querySelectorAll("a[href*='SITE_URL']").forEach( a => {a.href = a.href.replace('SITE_URL', encodeURIComponent(socialURL)); }); } function removeParameterFromUrl(url, parameter) { return url .replace(new RegExp('[?&]' + parameter + '=[^&#]*(#.*)?$'), '$1') .replace(new RegExp('([?&])' + parameter + '=[^&]*&'), '$1'); } function setUpSegmentTracking() { analytics.load("Qf3Pi57JHHPhXX0DsqEN6AsUCNksVnhz"); segmentPayload = {accountId: 82, brandingId: null, spaceId: "v92ovjhf1w1y", articleId: "e90c0d2858ce4c16a30eb6be6c0131f8", articleTitle: "Tax Credits Help Pay for Home Energy Upgrades", articleSlug: "tax-credits-help-pay-for-home-energy-upgrades", // If article has media, populate with appropriate values, otherwise each should be null mediaId: "", mediaType: "article", mediaTitle: "", mediaSlug: "", // If article came from newsletter campaign, populate with appropriate values, otherwise each should be null newsletterCampaignId: null, newsletterCampaignSendId: null,newsletterSection: "", // the URL of the link that was clicked data: null, referrer: document.referrer, sessionId: sessionId }; // copy the payload, we want separate objs to avoid collisions timeOnPagePayload = JSON.parse(JSON.stringify(segmentPayload)); } function newGuid() { return ([1e7]+-1e3+-4e3+-8e3+-1e11).replace(/[018]/g, c => (c ^ crypto.getRandomValues(new Uint8Array(1))[0] & 15 >> c / 4).toString(16) ); }function videoSegmentInitialize() {// this is separate from segmentPayload to avoid collisions when updating the data field for video progress trackingvideoSegmentPayload = {accountId: 82, brandingId: null, spaceId: "v92ovjhf1w1y", articleId: "e90c0d2858ce4c16a30eb6be6c0131f8", articleTitle: "Tax Credits Help Pay for Home Energy Upgrades", articleSlug: "tax-credits-help-pay-for-home-energy-upgrades", // If article has media, populate with appropriate values, otherwise each should be null mediaId: "", mediaType: "article", mediaTitle: "", mediaSlug: "", // If article came from newsletter campaign, populate with appropriate values, otherwise each should be null newsletterCampaignId: null, newsletterCampaignSendId: null,newsletterSection: "", // the % of the video that was watched data: null, referrer: document.referrer, sessionId: sessionId };video = document.getElementsByTagName('video')[0];video.addEventListener('timeupdate', function () {let currentPercent = Math.floor(video.currentTime / video.duration * 100);if (currentPercent !== 0 && currentPercent !== lastPercent) {videoSegmentPayload.data = currentPercent;analytics.track("", videoSegmentPayload);lastPercent = currentPercent;}}, false);} function getUrlParameter(name) { name = name.replace(/[\[]/, '\\[').replace(/[\]]/, '\\]'); var regex = new RegExp('[\\?&]' + name + '=([^&#]*)', 'i'); var results = regex.exec(location.search); return results === null ? 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These tax credits can help reduce the cost.</p></div> <p class="ql-embed-article__pubdate">Published: <time pubdate="pubdate">12/16/2024 4:14:37 PM</time></p> </div> <div class="ql-embed-article__summary" style="display:none"> <p>If you are looking to make upgrades that will improve your home's energy efficiency, a variety of tax credits are available to help.</p> </div> <div class="ql-embed-article__image"> <img src="https://cdn.questline.com/asset/get/941e51bc-a403-4d02-a766-ee72f94f4fc4?w=1200&amp;q=80" alt="Tax credits"> </div> <div class="ql-embed-article__body"><p>Home energy-efficiency upgrades come with a lot of benefits. They can lower your energy bills, make your home more comfortable and reduce your environmental footprint. The bad news is that home energy upgrades can be costly. The good news is that a variety of tax credits are available to help reduce those costs, making home energy improvement more affordable.</p><h3>What tax credits are available?</h3><p>Federal tax credits of up to 30% of the cost of <a href="https://www.irs.gov/credits-deductions/frequently-asked-questions-about-energy-efficient-home-improvements-and-residential-clean-energy-property-credits-energy-efficient-home-improvement-credit-qualifying-expenditures-and-credit-amount">qualifying home improvements</a> are available for qualifying projects. Individual projects are subject to maximum amounts, which are detailed below.</p><ul><li><strong>Air-source and geothermal heat pump HVAC systems</strong> ($2,000 maximum)</li><li><strong>Heat pump water heaters</strong> ($2,000 maximum)</li><li><strong>Insulation and air sealing</strong> ($1,200 maximum). Improvements include insulation, weatherstripping, caulk and expandable foam. Materials or systems must meet International Energy Conservation Code requirements.</li><li><strong>Windows and skylights</strong> ($600 maximum). Windows and skylights must make the <a href="https://www.energystar.gov/most-efficient/me-certified-windows/results?is_most_efficient_filter=Most+Efficient">ENERGY STAR® Most Efficient list</a>, which features the very best products for energy savings and environmental protection.</li><li><strong>Exterior doors</strong> (maximum $250 per door, $500 total). Eligible doors must be <a href="https://www.energystar.gov/products/res_windows_doors_skylights">ENERGY STAR-certified</a>.</li><li><strong>Home energy audit</strong> ($150 maximum). The audit must include a written report and be conducted by a certified home energy auditor.</li></ul><p>Tax credits for up to 30% of project costs are also available for <a href="https://www.irs.gov/credits-deductions/frequently-asked-questions-about-energy-efficient-home-improvements-and-residential-clean-energy-property-credits-residential-clean-energy-property-credit-qualifying-expenditures-and-credit-amount">clean energy upgrades</a>, including solar panels, solar water heaters, small wind turbines, fuel cells and geothermal systems. Battery storage technologies are also eligible.</p><p>Only improvements made to existing homes that are the taxpayer's principal residence can qualify for these credits.</p><h3>How do I claim the credits?</h3><p>You can claim credits when you file your tax return. A credit is an amount you subtract from the tax you owe, which can lower your tax payment or increase your refund.</p><p>If you completed qualifying home energy upgrades last year, you can claim them on this year's return. Any upgrades you make this year can be claimed next year. These credits are available for projects installed between January 1, 2023, and December 31, 2032.</p><p>Gather all relevant documents associated with your energy upgrades. To claim credits, answer appropriate questions in your tax filing software. If you file a paper return, you will have to complete a <a href="https://www.irs.gov/forms-pubs/about-form-5695">form</a> and attach it.</p><p>For more information, see <a href="https://www.irs.gov/credits-and-deductions-for-individuals">Tax Credits and Deductions</a> from the U.S. Internal Revenue Service or contact a qualified tax professional. State and local <a href="https://www.dsireusa.org/">financial incentives</a> may also be available in your area for energy-efficiency upgrades.</p></div> </div></div><style type="text/css">#ql-embed-e90c0d2858ce4c16a30eb6be6c0131f8 h1.ql-embed-article__title { display: none; }#ql-embed-e90c0d2858ce4c16a30eb6be6c0131f8 p.ql-embed-article__pubdate { display: none; }</style>