Energy Saving Tax Credits

energy saving tax credits

While we wait for springtime to officially arrive and the flowers to sprout, we are reminded that it’s that time of year again – tax season. There is good news if you made energy saving home improvements.   You may be entitled to energy tax credits from the federal government.

If you purchased the following items in 2016, you may be eligible for 10% tax credit of cost up to $500. There are a few rules. You must be an existing home – not for new construction or rentals – and it must be for your principal residence.  The improvements must be made in your primary residence (not a rental or new construction).
 

  • Gas, Propane or Oil Furnaces and Fans
  • Central Air Conditioning (CAC)
  • Water Heaters (non-solar)
  • Air Source Heat Pumps
  • Gas, Propane, or Oil Hot Water Boiler
  • Biomass Stoves
  • Insulation
  • Roofs
  • Windows, Doors & Skylights

Additional information on rated equipment including solar panels and fuel cells can be located on the Energy Star website.

Have questions about tax credits? Make sure to chat with your tax professional. Interested in saving money in taxes and reduced energy costs for 2017? Visit our website or call us today. (952) 854-3800