How To Save Money With Tax Credits

By shakir_williams

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Over the past few years, federal tax credits for homeowners who make energy-efficient upgrades have been extended from year to year. However, that ended December 31, 2016.

Currently, ENERGY STAR is offering tax incentives for certain products purchased and installed by the end of 2016. But don’t wait until the last minute to claim these tax credits and SAVE MONEY!

How Do I Know If I Qualify For Federal Energy Tax Credits? 

If you made any qualifying home improvement purchases and installations between January 1, 2016 and December 31, 2016, you may still be eligible for Tax Credits and Energy Rebates. Any qualified equipment installed after January 1, 2017 is NOT eligible for this credit.

What Upgrades Qualify For Tax Credits For The 2016 Tax Year? 

Earn tax credit up to 30% with products purchased and installed through December 31, 2016:

  • Windows and Doors
  • Insulation
  • Roofs
  • HVAC: Central Air Conditioners, Air Source Heat Pumps, Furnaces and Boilers
  • Water Heaters: Gas, Oil, & Propane Water Heaters, Electric Heat Pump Water Heaters
  • Biomass Stoves 
  • Geothermal Heat Pumps
  • Small Wind Energy Systems

You can claim them on your taxes this year using IRS FORM 5695.

What Upgrades Qualify For Tax Credits For Future Years? 

For purchases and installations made after January 1, 2017, earn tax credit up to 30% for the following upgrades:

  • Geothermal Heat Pumps
  • Solar Panels
  • Solar Water Heater
  • Small Wind Energy Systems
  • Fuel Cells

You can claim them on your taxes this year using IRS FORM 5695

What Will Happen If I Wait? 

”arrowDo not wait until the last minute to claim tax credits and get money back! Tax credit decreases to 26% for tax year 2020 and drops to 22% for tax year 2021.

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