Are There Tax Credits Available for Home Upgrades?
Financial incentives for home improvements and upgrades are a deciding factor for many homeowners.
If you are on the fence about making green home improvements and upgrades to your living space, researching the available incentives might change your tune. Consider these benefits available to homeowners making the switch to green energy:
Using renewable energy is an extremely important part of modern living. Homes that rely on dirty energy sources or fossil fuels are an increasing liability. These practices are costly, unsustainable, and bad for the environment. The federal government is offering tax credits to counterbalance some of the upfront expenses for any homeowner willing to make improvements to their energy efficiency.
The Residential Energy Efficiency Property Credit is the main incentive available to homeowners and non-business entities making updates. The government understands that investing in more energy efficient HVAC resources such as wind energy, geothermal, and solar power comes with an upfront cost. Not only will available incentive funding offset that initial investment, but homeowners also stand to save big in the long-term with lower energy bills.
You can claim eligibility for this tax credit by filing the proper form online. Remember to keep all records pertaining to the investment as you make changes. The credit is designed to cover 30% of the cost, including installation fees. It can include a primary residence as well as a second home. Download the form and review the qualifying changes before you make any plans to update your home. You can plug in the anticipated costs and calculate the incentive return that you would most likely qualify for.